Definitions and Examples of markup, surcharge
Learn when and how to use these words with these examples!
An increase in the price of goods or services above their cost.
Example
The store's markup on luxury items was so high that most customers couldn't afford them.
An additional charge or fee added to the original cost of a product or service.
Example
The airline charged a surcharge for overweight luggage, which caught many passengers off guard.
Key Differences: markup vs surcharge
- 1Markup is an increase in the price of goods or services above their cost, while discount is a reduction in price below the original cost.
- 2Surcharge is an additional charge or fee added to the original cost of a product or service, while discount is a reduction in price.
Effective Usage of markup, surcharge
- 1Business Transactions: Use markup and surcharge in business transactions to discuss pricing strategies.
- 2Consumer Awareness: Incorporate these antonyms in consumer education to help people understand pricing practices.
- 3Financial Planning: Utilize these antonyms in financial planning to make informed decisions about purchases and investments.
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Remember this!
The antonyms markup and surcharge convey the idea of an increase in price or cost, while discount denotes a reduction in price. Use these words in business transactions, consumer awareness, and financial planning to make informed decisions and understand pricing practices.
