Average Revenue is the amount of money received by a firm per unit of output sold. It is calculated by dividing the total revenue by the quantity of goods sold.
Consumer sovereignty refers to the ability of consumers to obtain exactly what they want by paying a price that is satisfactory to suppliers. It is considered a prerequisite of properly functioning markets. However, sovereignty can be limited by factors such as lack of information, constraints on prices and supplies, and third-party influences on purchasing decisions.
A type of inflation caused by increasing prices, typically resulting from rising costs of production inputs such as raw materials and wages.
Economic goods are commodities and products that require effort and resources, and are available at a price in the market. They are distinct from freely available goods or those with no utility.
Management accounting involves techniques used to collect, process, and present financial and quantitative data within an organization to aid in performance measurement, cost control, planning, pricing, and decision making. The Chartered Institute of Management Accountants (CIMA) is the major professional body for management accountants in the UK.
A price war occurs when competing companies reduce their prices in a bid to attract customers, often leading to reduced profits and potentially driving some businesses out of the market.
Understanding the different methodologies for setting selling prices for products and services supplied by an organization.
A quotation is a commercial statement detailing the price of an item, provided either as an answer to an inquiry or in the context of stock market activities.
Sales values represent the prices charged for items when they are sold. Additionally, in accounting, they serve as a method of apportioning joint costs between joint products in process costing models.
Supply refers to the total amount of a commodity that producers are willing and able to sell at various price levels in a given time period. In economic terms, supply is a fundamental concept related to the available production capacity and market pricing dynamics.
Value in exchange refers to the amount of other goods and services for which a unit of a specific good can be exchanged in a market. This is often represented by the money price of the good.
