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  • Topic: Suggested retail price, Pricing, Price
  • Pages : 2 (459 words )
  • Download(s) : 136
  • Published : July 31, 2013
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Economic Obsolescence
A factor that reduces the value of an improvement because of something external to the property itself. A well-built and well-maintained house may suffer economic obsolescence because it is located on one acre of land in the middle of a fast-food area on a major suburban road. The improvement—the house—no longer has any value at all. In this example, though, that hardly matters because the land is worth vastly more than the original homeowners ever dreamed.

Custom Products
Product designed and built by the vendor exclusively for the customer per the customer's specifications. Also called specialty product or application.

Shopping Around
To go to various shops or suppliers and compare prices before making a purchase or before placing an order ExamplesYou should shop around before getting your car serviced. • He's shopping around for a new computer. • It pays to shop around when you are planning to get a mortgage.

Custom Operated Machines

Pricing Policies
Pricing policy in economics generally refers to the method of decision making that is used to set prices for a company's goods or services. The policy assists in determining prices based on various social and economic factors such as cost of production. It also relies on provision with a margin for profit.

Administered Pricing
The price of a good or service as dictated by a governmental or other governing agency. Administered prices are not determined by regular market forces of supply and demand. Examples of administered prices included price controls and rent controls. Administered prices are often imposed to maintain the affordability of certain goods and to prevent price gouging during periods of shortages (such as gas prices). Rent controls are intended to stabilize rent in certain cities, where rents are reviewed by a standard of reasonableness. When supply and demand for the good change, the administered price may change to subsidize the supplier or protect the...
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