Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. This mind map introduces the Role of Profits and Markets.

The Role of Profits and Markets - Mind Map

Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version.

View larger version of the mind map.

• Profit Motive - Drives aims and objectives
• The Market
  
  • Supply
  • Demand
  • Price
  • Elasticity
• Added Value
  
  • Cost of Inputs
  • Price placed on the good by the Market
• Profit
  
  • Total Revenue
    
    • Sales x Price
    • Turnover
  • Total Cost
    
    • Fixed Cost
      Overheads
    • Variable Cost
      Cost of Sales
  • Normal Profit
    
    • Minimum Return to stay in business
  • Abnormal Profit
    
    • Returns above normal profit