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Simple English definitions for legal terms
markup
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A quick definition of markup:
Markup: Markup is the extra amount of money added to the cost of an item to determine its selling price. It's like when you buy a toy from the store, the store adds a little bit of extra money to the cost of the toy so they can make a profit. Markup is also a term used in government when a group of people work together to make changes to a proposed law before it becomes official.
A more thorough explanation:
Definition: Markup is the amount added to the cost of a product to determine its selling price. It is also a session of a congressional committee where a bill is revised and put into final form before it is reported to the appropriate house.
Example 1: A store buys a shirt for $10 and adds a markup of $5. The selling price of the shirt is $15.
Example 2: During the markup session, members of the committee make changes to a bill and finalize its language before it is presented to the full house for a vote.
The examples illustrate how markup is used to determine the selling price of a product and how it is also a part of the legislative process in the government.