Knowledge Check 01Once the break-even point has been reached, net operating income will increase by the amount of the for each additional unit sold. multiple choice 1unit contribution marginunit selling pricevariable expense per unitfixed expense per unitKnowledge Check 02Break-even point is the level of sales at which .multiple choice 2total profits equals total coststotal profits exceed total coststotal revenue equals total coststotal sales equal total projections

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; yield to maturity;

answer/// equals both average variable cost and average total cost at their respective minimums;