© 2009 South-Western, Cengage LearningMARKETING 1 Chapter 14 DETERMINING THE BEST PRICE 14-1The Economics of Price Decisions 14-2Developing Pricing Procedures.
1. 1.To examine the economic importance of supply and demand. 2.To identify how supply and demand are inversely related. 3.To determine how the laws of.
What are “demand” and “supply” and how do they work together to determine the prices of goods and services?
MARKETING MARKETING © South-Western Thomson CHAPTER 14 Determining the Best Price 14.1 14.1 The Economics of Price Decisions 14.2 14.2 Developing Pricing.
O How does scarcity influence the decisions people make? o What is the difference between a need and a want? o How does Opportunity Cost and the Law of.
Demand, Supply and Market Equilibrium
