Price Fixing

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The, often illegal, practice of prices being fixed, by agreement, by competing companies who provide the same goods or services as each other.

Price Mechanism

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Describes the way prices for goods and services are influenced by the changes in supply and demand. Shortages cause a rise in prices, surpluses cause a fall in prices.

Price Support

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A system in which a minimum price is set by a government, and sometimes subsidised, for a product or commodity.

Price Taker

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A company or individual whose selling or buying of goods and services has little or no influence over prices.

Pricing

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To evaluate the price of a product by taking into account the cost of production, the price of similar competing products, market situation, etc.

Primary Data

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Data which is collected by a company, business, etc., itself for its own use, using questionnaires, case studies, interviews, etc., rather than using other sources to collect the data.

Primary Research

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Also called Field Research. The collection of new or primary data through questionnaires, telephone interviews, etc., for a specific purpose.