Answer: Profit = Revenue - Production cost.
Explanation:
There is a correlation between the volume produced and sold and its impact on revenue, cost, and profit. These relationships are termed the revenue function, cost function, and profit function. These connections can be represented in terms of tables, graphs, or algebraic equations.
The profit is the difference between revenue and production cost.
Revenue is the product of the price per unit times the number of units sold.
The cost function is composed of the fixed cost component that remains the same despite the volume of units, and the variable cost component times the number of items.
The institutionalization of trade has been around since the "value theory" of David Ricardo in 1817, which argues that some countries had more feasible conditions to produce a better output of certain products in comparison to others. As a result, they had to engage in trade with other countries that had products they lacked.
"Labor" and "resources" are the key factors that fuel trade. As some countries have a cheaper labor force, it makes their products have competitive prices in the market. On the other hand, certain countries have scarce resources that many other countries do not have such as gold and other minerals. Therefore they have to engage in trade with the countries that extract them from their soil.
<span>Tenochtitlan. i think that's how you spell it. Does that sound familiar? If i remember correctly this is the answer to your question.</span>
One would be the Great Wall of China, and another would be the Ming Tombs.
PANAMA and Cuba there us territories I think
