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depends on which market you shop at
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∙ 12y ago
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What accurately describes Adam Smiths concept of the natural price?
The price of any item that is equal to the costs of producing it.
How does market economy determine its price?
Supply of the item and demand by other countries determines the price.
What set price in a free market economy?
The cost of production of an item & its demand set its price
What is lower of cost or market?
is it the price of and item that can be sold at a different price other then what the company bought it for.
Why is important to know the market price of a product?
It's important to know the market price of a product because then you know what the item is worth. Whether you are buying or selling, if you know the price of the item, you can avoid being cheated by overpaying for items and you can sell your item more easily if it's being sold at a competitive and fair price.
How do you price an item?
To price an item you must calculate the total of production and delivery and find the ROI for the sales of the particular item. From there you will also want to compare competitor pricing of the same product to find a reasonable price for your market.
What is the difference between value and cost?
value is the market price of an item cost in the expense incurred to obtain an item
What is the discount of an item?
the discount of an item is the reduced price of the market price.the discount is provided when enough goods of the product are not sold, so they sell it in the lesser price
What causes an increase in the value of an option?
An increase in the market price of the item the option is for.
If the price index is 225 what does it mean?
If the price index is $225 that means that the item or items in question averages about $225 for price. This can measure one item or a group of items. Price index is the average cost on the market for items.
When does the price of an item decrease?
When demand goes down, or when the company is producing too much and flooding the market.
When economists use market values to aggregate output they sum the what?
price times the quantity of each item produced
