1. Chapter 3 Your Purchasing Power

2. 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
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3. 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
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4. 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
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