Instructions: _∙ Identify Each Item. Give an Explanation or Description of of the Item

question 32

Essay

Instructions:
_∙ Identify each item. Give an explanation or description of the item. Answer the questions who, what, where, and when.
Explain the historical significance of each item. Establish the historical context in which the
_∙ item exists. Establish the item as the result of or as the cause of other factors existing in the society under study. Answer this question: What were the political, social, economic,
and/or cultural consequences of this item?
-The City of the Sun Cahokia)

---

Definitions:

Economic Profits

The difference between total revenues and total costs, including both explicit and implicit costs.

Variable Costs

Variable costs are expenses that vary directly with the level of production or output, such as materials and labor.

Fixed Costs

Expenses that remain constant regardless of the level of production or sales volume, such as rent or salaries.

Normal Return

The minimum profit necessary for a company to remain competitive in the market, often covering the cost of capital.