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Chapter 1 V.B.
Virtual Business
Term | Definition |
---|---|
Price | The amount of money charged for one unit |
Revenue | The money collected in sales |
Demand | the amount of goods or services that customers want to buy |
Yield Management Pricing | Setting different prices for goods or services in an effort to maximize revenue when limited capacity is a factor |
Dynamic Pricing | A system of fluid not fixed ticket prices that increase or decrease due to small and/or short-term changes in supply and demand |
Marginal Cost | The cost of producing one additional good or making one of a commodity (like a seat at a stadium) available. |
Ticket Brokers | Individuals or companies who purchase tickets in bulk to artificially constrict demand and drive up prices |
Ticket Agencies | Companies that stadium owners use to manage their ticket sales |