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Chapter 1 V.B.

Virtual Business

TermDefinition
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
Created by: Destinee Rivera