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Make it, sell it Mind Map Notes - Coggle Diagram
Make it, sell it Mind Map Notes
Primary Industry
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Large amounts of money are invested in research, extraction, labour, etc.
Secondary Industry
The manufacturing process - using the raw materials collected to manufacture the product. For example, wheat is processed into flour to make bread or cereal.
Production is increasing with few workers, and industries are using more machinery for manufacturing products.
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Production
Take inputs
Taking inputs is the primary industry aspect. Industries are gathering raw materials, machinery, labour, etc., to give to the process & manufacturing for creating the product.
Process & Manufacturing
Manufacturing is the secondary industry aspect, and it creates the product or server to give to the tertiary industry to sell that product/service.
Fixed & Variable Costs
The cost is to determine the cost of manufacturing the goods and services, or determine how much a product or service will sell for.
Variable - Variable costs are the change of expense in proportion to the number of goods or services produced or sold—for example, raw materials, delivery, combustion, etc.
Fixed - The fixed cost is independent of volume, and the cost doesn't frequently change over time. Fixed costs are often costs that are based on time rather than quantity. Examples of fixed costs are rent, salaries, insurance, and loan.
Revenue
It's the total income from tertiary industry, the total amount of money the business gets by selling their products or services.
Profit
It's the difference of amount earned and amount spent on the business. Profit is the final gain in a business. The amount earned is the revenue and the amount spent is the cost of raw materials, labour, manufacturing, etc.