Definition should include the following concepts:

Definition should also include an explanation of how each is calculated.

Process/Skill Questions:

Why might a retail fashion business use markdowns?
When is a markup on an item too high? How much markup is enough?
What mathematical skills are required in calculating gross margin? Markup? Markdown?
Why is it important for a sales representative to be able to mentally calculate markdown and markup?
How do profit and loss relate to markup?
What is the relationship between price, demand, and profit?