Inflation
Setting Prices
Buying Strategies
Selling Strategies
Consumer Fraud
100

An increase in the general level of prices for goods and services

What is inflation

100

Allows a business to survive as well as grow

What is Normal Profit?

100

The process of selecting goods and services based on need, want, and logical choices

What is rational buying?

100

Convenience, customer service, and providing the right product and price

What are ways businesses meet demand?

100

Occurs when false or misleading claims are made about the quality, price, or purpose of a particular product

What is deception?

200

A measure of the efficiency with which goods and services are made

What is Productivity?

200

Sets the price high to recover the costs of research and development of a new product

What is cost-recovery pricing?

200

Purchasing products based on desire rather than logic

What is emotional buying?

200

Stores use this strategy by carrying certain brands to attract customer who are loyal to those brands

What is branding strategy?

200

An illegal sales technique in which a business advertises a product with the intent of persuading consumers to buy a more expensive product

What is "bait and switch"?

300

This type of inflation results in higher prices because consumers want to buy more goods and services than producers supply

What is demand-pull inflation?

300

Sets the price by computing the per-unit cost  and then adding a percentage of that amount

What is cost-plus pricing?
300

Saving as much as possible and spending money only when necessary

What is economizing?

300

Businesses offer consumers the lowest everyday price possible, without having to wait for a sale

What is discount pricing?

300

A company advertises a product/service at a low price to lure in customers and then attempts to persuade them that they need additional products or services

What is "low-balling"?

400

This occurs when high prices are lowered due to decreased demand, but then are restored to the previous high level

What is Reflation?

400

Prices are set based on how much consumers are willing to pay for the product

What is value-based pricing?

400

Getting the highest value for the money spent

What is optimizing?

400

A specific group of people who are likely to buy a product

What is a target audience?

400

Promises members commissions from their own sales as well as from the sales of other members they recruit

What is a "pyramid scheme"?

500

This is a decrease in the general level of prices for goods and services

What is deflation?

500

Prices are set to be competitive with prices of similar products currently being sold

What is market-based pricing?

500

Advertising a feature of a product to make it more desirable than other products.

What is product differentiation?

500

Designed to encourage repeat business by providing special discounts and other incentives

What is a customer loyalty program?

500

A scam that convinces people to give up their money or personal information in return for a share of a larger sum of money

What is a "pigeon drop"?