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Section 10.2 Price
Checkpoint 10.2
1. List three important considerations when determining price.
2. Give three examples of unfair and illegal pricing practices.
3. Describe the importance of supply and demand in pricing your product.
4. What are two commonly used pricing techniques?
5. List the five most popular forms of discount pricing.
Build Your Vocabulary
As you progress through this text, develop a personal glossary of
entrepreneurship terms and add it to your portfolio. This will help you build
your vocabulary and prepare you for a career as an entrepreneur. Write
a definition for each of the following terms, and add it to your personal
entrepreneurship glossary.
value
list price
selling price
manufacturer’s suggested retail price (MSRP)
profit margin
market share
return on sales (ROS)
return on investment (ROI)
break-even point
cost-based pricing
markup
keystone pricing
demand-based pricing
competition-based pricing
psychological pricing