Calculate profit or loss.
DefinitionCalculation should determine the amount of money remaining after all expenses are paid.
- What is the definition of profit?
- What is the difference between gross and net profit?
- If a product's price is increased, should there be an improvement in the product? Explain.
- What are ways production costs can be lowered?
Related Standards of Learning
History and Social Science
- analyzing and interpreting evidence from primary and secondary sources, including charts, graphs, and political cartoons;
- analyzing how political and economic trends influence public policy, using demographic information and other data sources;
- analyzing information to create diagrams, tables, charts, graphs, and spreadsheets;
- determining the accuracy and validity of information by separating fact and opinion and recognizing bias;
- constructing informed, evidence-based arguments from multiple sources;
- determining multiple cause-and-effect relationships that impact political and economic events;
- taking informed action to address school, community, local, state, national, and global issues;
- using a decision-making model to analyze and explain the costs and benefits of a specific choice;
- applying civic virtue and democratic principles to make collaborative decisions; and
- defending conclusions orally and in writing to a wide range of audiences, using evidence from sources.
The student will apply social science skills to understand the judicial systems established by the Constitution of Virginia and the Constitution of the United States by
- describing the organization of the United States judicial system as consisting of state and federal courts with original and appellate jurisdiction;
- describing the exercise of judicial review;
- comparing and contrasting civil and criminal cases; and
- explaining how due process protections seek to ensure justice.
The student will apply social science skills to understand of how economic decisions are made in the marketplace by
- explaining that because of scarcity, consumers, producers, and governments must make choices, understanding that everyone’s choice has an opportunity cost; and
- comparing and contrasting how traditional, free market, command, and mixed economies decide how to allocate their limited resources.
The student will apply social science skills to understand the United States economy by
- describing the characteristics of the United States economy, including limited government, private property, profit, markets, consumer sovereignty, and competition;
- describing how in a market economy supply and demand determine prices;
- describing the types of business organizations and the role of entrepreneurship;
- explaining the circular flow that shows how consumers (households), businesses (producers), and markets interact;
- explaining how financial institutions channel funds from savers to borrowers; and
- analyzing the relationship of Virginia and the United States to the global economy, with emphasis on the impact of technological innovations.
The student will apply social science skills to understand personal finance and career opportunities by
- identifying talents, interests, and aspirations that influence career choice;
- identifying human capital such as attitudes and behaviors that strengthen the individual work ethic and promote career success;
- identifying human capital such as abilities, skills, and education and the changing supply of and demand for them in the economy;
- examining the impact of technological change and globalization on career opportunities;
- describing the importance of education to lifelong personal finances; and
- analyzing the financial responsibilities of citizenship, including evaluating common forms of credit, savings, investments, purchases, contractual agreements, warranties, and guarantees.
- multiply and divide fractions and mixed numbers;
- solve single-step and multistep practical problems involving addition, subtraction, multiplication, and division of fractions and mixed numbers; and
- solve multistep practical problems involving addition, subtraction, multiplication, and division of decimals.
- add, subtract, multiply, and divide integers;
- solve practical problems involving operations with integers; and
- simplify numerical expressions involving integers.