3: Explain and Differentiate Between Fixed, Variable, Semi-Variable and Semi-Fixed

question 50

Essay

3: Explain and differentiate between fixed, variable, semi-variable and semi-fixed costs.

---

Definitions:

Deprivation

A state of lacking or being denied important resources, services, or conditions considered necessary for physical well-being or emotional fulfillment.

Economic Power

Economic power refers to the ability of individuals, corporations, or countries to influence market conditions, consumer behavior, or economic policies due to their financial resources or control over assets.

Aesthetic Principles

Fundamental ideas about what is visually appealing or beautiful in art and design.

Ideology

A collection of thoughts and principles, particularly one that underpins the foundation of economic or political theories and policies.