🔑 Key Concepts
- Markup is the percent increase from the wholesale price to the retail price.
- The retail price represents the original price plus the markup amount.
- A percent increase can be written as a decimal multiplier such as \(1.15\) for a 15% markup.
- You can solve markup problems by multiplying, dividing, or writing an equation.
- These types of problems are common in business, retail, and real-world financial situations.
✏️ Worked Examples
🧠 Math Vocabulary
- Wholesale Price: the cost a store pays to purchase an item.
- Retail Price: the price customers pay to buy the item.
- Markup: the percent increase added to the wholesale price.
- Percent Increase: the percent an amount grows compared to the original value.
- Multiplier: a decimal used to represent a percent change, such as \(1.15\) for a 15% increase.
💡 Main Idea
Percent markup describes how businesses increase the price of goods from the wholesale cost to the retail price. By understanding percent increase, students can determine the selling price, the markup percent, or the original cost. These skills connect mathematics directly to real-world financial decisions and business practices.
📚 What You Should Already Know
Students should know how to convert percentages to decimals, multiply and divide whole numbers and decimals, and understand the meaning of percent as a rate per hundred.
🚀 What Comes Next
After learning percent markup, students will apply these ideas to markdown, discounts, sales tax, simple interest, and multi-step percent problems. These topics continue to build strong proportional reasoning and financial literacy skills.