_______________ Is the Science and Art of Discovering and Using

question 66

Short Answer

_______________ is the science and art of discovering and using natural principles t help solve human problems.

Understand and calculate overhead expenses in pricing.

Calculate profit or loss based on the retail price.

Understand the effect of operating expenses on pricing and profitability.

Analyze and calculate adjusted selling prices based on discounts, mark-ups, and markdowns.

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Definitions:

Labour Cost

The total expenditure incurred by employers to compensate the workforce, including wages, benefits, and any other employee-related expenses.

Per Unit

A term used to define the cost, price, or quantity relative to a single unit of a product or service.

Political Risk

The likelihood of financial loss or other adverse effects on investment outcomes due to political instability, government actions, or geopolitical tensions in a region.

Cultural Issues

Differences in beliefs, values, practices, and behaviors among people from different backgrounds, which can impact interactions and create challenges in various contexts.