How Costs and Prices Affect Profits

Flashcard
•
Social Studies
•
3rd Grade
•
Easy

Mayte Marquez
Used 1+ times
FREE Resource
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6 questions
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1.
FLASHCARD QUESTION
Front
What is the cost of production?
Back
The cost of production is what it takes to make a product, including materials, labor, and other expenses.
2.
FLASHCARD QUESTION
Front
What is the selling price?
Back
The selling price is how much people are willing to pay for a product.
3.
FLASHCARD QUESTION
Front
What is profit?
Back
Profit is the money left after paying for production costs.
4.
FLASHCARD QUESTION
Front
How does high production cost affect selling price?
Back
If making a product is expensive, the selling price might need to be high to make a profit.
5.
FLASHCARD QUESTION
Front
How can businesses earn more profit with low production costs?
Back
If production costs are low, businesses can earn more profit even if the selling price is not very high.
6.
FLASHCARD QUESTION
Front
Why is understanding costs and prices important for businesses?
Back
Understanding costs and prices helps businesses decide how to price their products.
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