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Entrepreneurship: Pricing and Profits (Grade 9)

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Entrepreneurship: Pricing and Profits

Instructions: Fill in the blanks below using the following terms: Demand * Law of Demand * Determinants of Demand * Demand Curve * Shift in Demand * Profit * Return on Investment * Total Revenue * Fixed Costs * Variable Costs

1. 
                   is defined as the difference between a firm's total revenue and total cost of production.
2. 
                                                   is defined as the factors (incomes, tastes, and preferences, the prices of substitute or complementary products, expectations for the future) that cause the demand for a product to change.
3. 
                   is defined as how much consumers are willing and able to buy at all possible prices in a given period of time.
4. 
                                       is a graphical representation that shows the number of products that will be demanded at various prices; a graphical representation that shows the relationship between different prices for a product and how much of it people will be willing to buy at each price.
5. 
                                         is an increase or decrease in demand that results from a change in a determinant of demand for a product.
6. 
                   is defined as the difference between a firm's total revenue and total cost of production.
7. 
                                               is defined as profit as a percentage of the amount invested in a firm.
8. 
                                 is selling price multiplied by the quantity sold.
9. 
                             are the costs of production that remain the same as the quantity of goods or services produced changes.
10. 
                                   are the costs of production that change as the quantity of goods or services produced changes.

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