Examlex

Solved

Briefly Discuss the Five Questions an Economic System Answers

question 38

Essay

Briefly discuss the five questions an economic system answers.


Definitions:

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment’s cost.

Markup Percentage

The fraction applied on top of the buying price of products to include expenses for overhead and yield a profit.

Markup Percentage

The percentage by which the cost of a product is increased to determine its selling price.

Variable Cost

Costs that vary directly with the level of production or sales volume, such as materials and labor.

Related Questions