TLE.4 - Markup
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Last updated 7:37 AM on 12/9/22
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10 Terms
1
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Price Discrimination
- retailer's charge different prices for the same item; this is legal and normal; based on location and type of customer
2
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Resale Price Discrimination
- distributors and manufacturers get resellers, they will set specific price for resellers at a set price
3
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Predatory Fixing
- entrepreneur/business owner will set their price very low just to eliminate the competition
4
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Horizontal Price Fixing
- when different business owners will have an agreement to price their products the same
5
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Markup
- difference between the cost of the item and its selling price
6
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Cost Price
- amount of money that is spent to produce goods or services before any profit is added
7
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Selling Price
- amount of money a buyer pays for a good or service
8
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Initial Markup
- difference between the original price and the cost whether an item was sold or unsold
9
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Maintained Markup
- difference between the actual selling price and the cost after an item was sold
10
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Markdown
- difference between the original selling price and the new selling price
