Across
- 4. a pricing method when the price is set below the competitors prices in order to be able to enter a new market
- 7. the best alternative given up by choosing another option
- 10. an identifiable sub-group of a whole market in which consumers have similar characteristics or preferences
- 12. it occurs when people and businesses concentrate on what they are best at.
- 16. a pricing method where a high price is set for a new product on the market
- 17. when a product is sold at a very low price for a short period of time
- 18. the difference between the selling price and the costs of bought-in materials and components
- 19. a pricing method when a product is priced in line with or just below competitors prices to try to capture more of the product
Down
- 1. when the production process is split up into different tasks and each worker performs one of these tasks. It is a form of specialisation.
- 2. a pricing method - the cost of manufacturing a product plus profit mark-up
- 3. those resources needed to produce goods or services. They are limited in supply.
- 5. a good or service which people would like to have but not essential for living
- 6. They combine factors of production
- 8. where there is large number of sales of a product
- 9. a good or service essential for living
- 11. make products which satisfy people's wants
- 13. the lack of sufficient products to fulfill the total wants of the population
- 14. a small, usually specialised,segment of a much larger market
- 15. the total income of a business (sales revenue less total costs)