Explanation may include
- assets and liabilities
- break-even point
- cost-benefit analysis
- efficiency
- law of demand
- law of supply
- marketing
- opportunity cost
- principle
- return on investment
- risk analysis
- scarcity
- surplus.
Process/Skill Questions:
- How does the interaction between consumers and producers determine the prices of goods and services?
- In what way is opportunity cost induced by scarcity and by the need to make choices?
- How is efficiency assessed?