Introduction/Possible Activities:

A. Students should be able to demonstrate an understanding of firms’ revenue, cost, profit, and production decisions by:
1. Listing and defining the costs, revenues, and profits for a firm
b. Calculating profit or loss, net worth, and identifying fixed and variable costs from a set of hypothetical business figures.
c. Differentiating between implicit and explicit costs.
d. Identifying the difference between accounting profits and economic profits.

Learning Activities:
1. Watch the video below and take notes.

2. Complete the following worksheet after having watched the video.


Remediation Checklist:
  • Re-read text.