Chapter 3 Your Purchasing Power

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Presentation transcript:

Chapter 3 Your Purchasing Power

How Are Prices Set in a Market Economy? Cost-recovery pricing is used to recover R&D costs. Cost-plus pricing is calculated using production costs plus a markup. Value-based pricing is based on what consumers are willing to pay. Market-based pricing is set to be competitive with similar products. 3-2 Prices and Consumer Choices Slide 2

How Do Buying Strategies Affect Prices? Rational buying Economizing is saving money and spending only when necessary. Optimizing is getting the highest value for money spent. Emotional buying Impulse buying 3-2 Prices and Consumer Choices Slide 3

Success Skills Time Management Be aware of how you are using your time. Identify peak performance times. Use a daily or weekly planner. Keep a to-do list. Prioritize your activities. Break large projects into smaller parts. Do not rush important decisions. 3-2 Prices and Consumer Choices Slide 4

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