Factors of Production
Land, Labour, Capital,Enterprise
What are Factors of production
A customer who continuously buys from the same supplier
What is a loyal customer
Large chains that are owned by shareholders
What is a Corporation
An individual or organisation that provides goods and services
What is a producer
Pricing based on keeping costs low and afford able
What is Economy pricing
Natural Resources
What is Land
A customer who mainly buys the things they need
What is a need-based customer
Two or more people running a business
What is a partnership
A producer that provides skills or services
What is a service producer
Pricing based on supply and demand
What is dynamic pricing
Human work or skills
What is Labour
A customer who looks for the cheapest value or price
Discount consumer
Keeping all of the profit and making all the decisions
What is an advantage of a sole trader
A producer that makes products in factories
What is an industrial producer
Pricing that makes a customer feel like they are getting a good deal
Psychological pricing
The owner who takes the risk to start a business
Enterprise
A consumer who buys without much planning
Impulsive consumer
age, gender, income,
What is Demographics
A producer that grows food or raises livestock
What is an agricultural producer
Setting a price high to make it feel elite or high quality
What is Premium pricing
Machinery, tools.
What is Capital
labour and buying goods and services from businesses
What do households provide
Developing a new idea or finding a gap in the marketplace
What is innovation
Goods and services and wages
What do businesses provide
Starting at a low price to build loyalty then raising the price after a set time
What is Penetration pricing