Business Studies Unit 2 Definitions

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Pricing Decisions
The decisions taken about how a price a product
1 of 6
Price Taker
A business that has no option to charge the ruling market price
2 of 6
Price Skimming
Pricing strategy where a higher price is charged for a new product to take advantage of customers prepared to pay for innovation
3 of 6
Price Leader
A market leader business whose price changes are followed by rivals
4 of 6
Price Elasticity of Demand
The responsiveness of demand to a change in price of a product
5 of 6
Person Specification
A description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy
6 of 6

Other cards in this set

Card 2

Front

A business that has no option to charge the ruling market price

Back

Price Taker

Card 3

Front

Pricing strategy where a higher price is charged for a new product to take advantage of customers prepared to pay for innovation

Back

Preview of the back of card 3

Card 4

Front

A market leader business whose price changes are followed by rivals

Back

Preview of the back of card 4

Card 5

Front

The responsiveness of demand to a change in price of a product

Back

Preview of the back of card 5
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