What Are Laws? How Are They Different from Ethics? in Your

question 16

Essay

What are laws? How are they different from ethics? In your opinion, why do we need laws and ethics to exist in society? Explain using suitable examples. ​

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Definitions:

Product Cost Concept

The accounting principle that determines the cost of a product by adding the costs of raw materials, labor, and overhead incurred in its production.

Rate of Return

The increase or decrease in the value of an investment during a certain timeframe, represented as a percentage of the original investment's cost.

Markup Percentage

The percentage added to the cost of goods to cover overhead and profit, determining the selling price.

Factory Overhead

Costs associated with production that are not directly tied to individual products, including utilities, maintenance, and salaries of supervisory staff.