What is a unit of sale? (0.5 points)

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Pleas give a simple answer. Answer each question fully. Complete sentences are not necessary.

Lesson 1 (5.0 points)

1. What is a unit of sale? (0.5 points)

2. What is revenue? (0.5 points)

3. What is the difference between variable and fixed costs? (1.0 points)

4. What are two examples of fixed costs? (1.0 points)

5. What is gross profit? (0.5 points)

6. What is net profit? (0.5 points)

7. What is loss? (0.5 points)

8. What are operating expenses? (0.5 points)

Lesson 2 (5.0 points)

1. What is efficiency? (0.5 points)

2. What is productivity? (0.5 points)

3. What are three ways to increase productivity? (1.0 points)

4. What is division of labor? (1.0 points)

5. What is outsourcing? (0.5 points)

6. What is the law of diminishing returns? (1.0 points)

7. What are economies of scale? (0.5 points)

Lesson 3 (5.0 points)

1. How is the value of a good or service determined? (1.0 points)

2. What is utility? (0.5 points)

3. What is economic utility? (1.0 points)

4. What is form utility? (0.5 points)

5. What is place utility? (0.5 points)

6. What is time utility? (0.5 points)

7. What is possession utility? (0.5 points)

8. What is information utility? (0.5 points)

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