The flashcards below were created by user rebekaheh on FreezingBlue Flashcards.

  1. Money or other considerations exchanged for the ownership or use of a good or service
  2. The ratio of perceived benefits to price
  3. Profit=Total revenue-total cost
    Profit Equation
  4. Group relating quantity sold and price, which shows how many units will be sold as a given price
    Demand Curve
  5. The percentage change in the quantity demanded relative to a percentage change in price.
    Price Elasticity of Demand
  6. Total money received from the sale of a product.
    Total Revenue
  7. Total expenses incurred by a firm in producing and marketing a product; _____is the sum of fixed cost and variable cost.
    Total Cost
  8. Examines the relationship between total revenue and total cost to determine profitability at different levels of output.
    Break-even Analysis
  9. Expectations that specify the role of price in an organization's marketing and strategic plans
    Pricing objectives
  10. Factors that limit the range of price a firm may set
    Pricing constraints
Card Set
Pricing Products and Services
Show Answers