ECONOMICS

Detailed explanation-1: -If cost price is more than the sellling price, more money is lost than gained. Hence, when cost price is larger than selling price, it is a loss.

Detailed explanation-2: -Loss: If the selling price (S.P.) of an article is less than the cost price (C.P) the difference between the cost price (C.P.) and selling price (S.P.) is called loss.

Detailed explanation-3: -Profit or loss percentage is always calculated on the cost price. The price printed on an article or written on a slip attached to it is called its marked price (M.P.). It is also called listed (printed, catalogued or advertised) price. The amount deducted from the marked price of an article is called a discount.