In Most Non-Commercial or Simple Societies, the Organization and Administration

question 21

Multiple Choice

In most non-commercial or simple societies, the organization and administration of the society is based on

• A) ethnic groups.
• B) voluntary interest groups.
• C) kinship.
• D) associations based on achieved qualities.

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Definitions:

Breakeven

A financial situation where revenue equals costs, resulting in neither profit nor loss.

Mark-up

The margin calculated by subtracting the cost of a product or service from its sale price, then dividing by the cost, expressed as a percentage.

Retail Price

The price at which goods are sold to the public, typically higher than the wholesale price.

Mark-up

Increment on the buying price of products targeted to offset operational costs and profits.