ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When it costs more to make a good than what you sell the good for.
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Loss
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Profit
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Tax
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Service
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Explanation:
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: -If selling price is more than cost price, I make a profit. If selling price is less than cost price I make a loss.
Detailed explanation-3: -Loss = C.P. – S.P. (C.P.> S.P.) Where C.P. is the actual price of the product or commodity and S.P. is the sale price at which the product has been sold to the customer.
There is 1 question to complete.