Price

• Price determinations in free markets
• supply and demand
• pricing strategies

Factors that affect the demand

• Price of product
• Price of substitute products
• Price of complementary products
• Consumers' income
• Taste and fashion
• Advertising

Factors that affect the supply

• Price
• Wage rates
• Price of raw materials
• Taxes
• Improvements in technology
• Climate (agriculture)

Pricing strategies

• Cost-plus pricing: cover costs and ensure a profit
• Price skimming: make a high profit
• Penetration pricing: enter new markets
• Competitive pricing: to maintain a market share
• Promotional pricing: to increase sales
• Psychological pricing: to affect consumers' perception of products

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