1. Price: value in money placed on a good or service
2. Return on Investment: calculation used to determine the relative profitability of a
product
3. Market Share: a firms percentage of total sales volume generated by all
competitors in a given market
4. Market Position: relative standing a competitor has in a given market in
comparison to other competitors
5. Break Even Point: point at which sales revenue equals expenses of making and
distributing a product
6. Demand Elasticity: the degree in which demand is effected by price
7. Law of Diminishing Marginal Utility: consumers will buy only so much of a given
product, even if the price is low
8. Price Fixing: Occurs when competitors agree on certain price ranges within
which they set their own prices
9. Price Discrimination: a firm charges different prices to different customers in
similar situations
10. Unit Pricing: allows to compare prices by a standard unit of measure, like pounds
or ounces
11. Loss Leader: item priced at or below cost to draw customers into a store
12. Labor: work for which someone is paid
13. Strategy: careful plan or method for achieving a goal
14. Constant: happening all the time or very often
15. Equate: to regard as equal
16. Price: essential basis of commercial transaction -Barter System
17. Variety of Price Names:
Rent,Commission,Dues,Fee,Interest,Wage,Tuition,Salary,Bonus
18. Calculate Break Even Point: Divide total cost&expenses by selling price
19. Law of Demand: as price goes up,Quantity Demanded goes down and vice versa
20. Quantity Demanded: how much of something people will buy at a certain price
21. Quantity Supplied: amount of good or service that a producer is willing and able
to supply at a specific price
22. Bait and Switch advertising: a price advertising method in which a business
advertises a low price for an item that it ultimately has no intention of selling...
23. Formula for Return On Investment: Profit\Investment