1.1.2 Economic assumptions

Question 1

Irrational

Answer 1

Not based on clear thought of proof​

Question 2

Assumptions

Answer 2

Things you think are true although you have no definite proof​

Question 3

Rational

Answer 3

Based on clear thought and reason

Question 4

Maximise

Answer 4

To increase something such as profit as much as possible​

Question 5

Revenue

Answer 5

Money made from sales​

Question 6

Profit

Answer 6

Money left over once all costs have been paid​