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Class 12 (Profit (the amount of revenue gained from a business activity…
Class 12
Profit
the amount of revenue gained from a business activity exceeds from
expenses
cost incurred in or required for something
cost
value of money that has been used up to produce something or deliver a service
taxes
compulsory financial charge
in order to fund various public expenditures
specify profit margin on product
to whom we deliver our product
planning of profit consumption
learning of class
pricing
How we determine social costing of a product
is social costing negative?
Is social costing positive
creating social impact
how
why
difference between
costing
pricing
welfare
support for the citizens of society
for widows
welfare trust
for mosque
analyze discrimination
e.g. politician drink imported water
it creates discrimination
Cost
value of money that has been used up to produce something or deliver a service
Convert project cost into product cost
project cost
overall cost of project
fixed asset
expenses
others
product cost
cost per unit
Examine product cost
specify product cost fetaures
justify cost
Costing
estimated cost of producing something
general methods of cossting
Input based costing
this class consider market based cost unjustified
it is very high cost of product in their opinion
Market or buyer based costing
depend on class based costing
the target customers feel satisfaction socially
feel their selves as superior to others
create a separate social impact of its targeted class
its cost is much higher than the worth of that product
e.g. Sana safinaz
customer
a person who buys goods or services
types
focus only on the quality of product
focus on product delivery and environment
determine the quantity of customers to whom the product is deliver
compare no. of customer with another market
price
quantity of payment or compensation given by one party to another
influenced by production cost
total price paid for resources used to manufacture a product or create a service to sell
demand for the product
determined by a monopolist
exists when a specific person or enterprise is the only supplier of a particular commodity.
be imposed on the firm by market
expressed in units of some form of currency
includes both the cost and profit
compare product price with competitor
if price are high then must justify
competition
whenever at least two parties strive for a goal which cannot be shared
some compete on basis of price
some compete on basis of product quality
e.g pakistani fan & chinese fan
pakistani fans expensive
chinese fans cheapest in price
pakistani fans high quality
chinese fans low in quality