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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