Virtual Business Challenge

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Presentation transcript:

Virtual Business Challenge Determining Price Virtual Business Challenge

What is Price? The amount of money a business charge for items it sells

What two items should a business owner consider when determining Price? Cost – the amount of money the store pays to purchase the merchandise from a supplier Profit – the total amount of revenue minus the expenses

What is Margin? The difference between the retail price of an item and the cost of the item to the store

Answer the following Questions in your reading? How is price affected by supply and demand? What happens when price is too high or too low? Explain the difference between market share and markdown? Explain Loss Leaders Explain the Clayton Anti-trust Act of 1914 and the Robinson – Patman Act of 1936 What does the Consumer Goods Pricing Act of 1975 explain? Explain your response.

Complete the following today Reading section Reading Quiz Math Quiz