In Order to Be Considered a True Capitalist, You Must

question 62

True/False

In order to be considered a true capitalist, you must exert control over others' labour in order to make a profit.

---

Definitions:

Variable Cost Concept

The principle stating that costs change in proportion to changes in volume of activity or production.

Cost-Plus Approach

A pricing strategy where the selling price is determined by adding a specific markup to a product's cost price to cover overheads and profit.

Markup

The amount added to the cost of a product or service to arrive at a selling price.

Variable Cost Concept

An accounting principle that refers to costs that change in proportion to the level of activity or volume of production.