Cost Price and Selling Price (Grade 11 NSC Matric Mathematical Literacy): Flashcards

Total money needed to make a product or provide a service

Amount charged to customers when they buy a product

Raw materials, labour, utilities, equipment, overhead expenses

$\frac{\text{Shop price}}{\text{Available quantity}}$

$\text{Cost per unit} \times \text{Quantity needed}$

Selling price must be higher than cost price

$\text{Selling price} - \text{Cost price}$

Difference between selling price and cost price

To ensure price is competitive and appropriate

Round to two decimal places (cents)