Business, 03.09.2020 03:01 NailahWalker4740

What is the difference between price objectives and price constraints? Can you share an example of illustrate your thoughts?

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Answer from: granniejo

Answer and Explanation:

Price objective aims to set price under influence of various factors such as cost of production and distribution. In other words price objective offer guidelines to company's prices. On the other hand price constraints refer to perceived restrictions/factors by way of price range that a company is faced with in the market.

Example: if a car manufacturing company sets it's price at $9000 for it's car, then it's price objective might be based on the costs involved to produce that car in terms of whether the car is a luxury car or it offers satisfaction such as prestige or maybe the company aims to maximize profits. If also this company because of government restrictions has a price ceiling of say $9100, the company would never go past $9000 in setting it's price and would probably have to go down from $9000 for the period of the price ceiling regulation

Answer from: Quest

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Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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