Below are this chapter's featured key terms. The textbook's full glossary is also available for online searching.
 

average revenue	The average amount of money received for selling one unit of a product. (See page(s) See page 353 in your textbook.)
barter	The practice of exchanging goods and services for other goods and services rather than for money. (See page(s) See page 344 in your textbook.)
break-even analysis	A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output. (See page(s) See page 357 in your textbook.)
break-even chart	A graphic presentation of the break-even analysis. (See page(s) See page 358 in your textbook.)
break-even point (BEP)	Quantity at which total revenue and total cost are equal and beyond which profit occurs. (See page(s) See page 357 in your textbook.)
demand curve	The summation of points representing the maximum number of products consumers will buy at a given price. (See page(s) See page 352 in your textbook.)
demand factors	Factors that determine consumers' willingness and ability to pay for goods and services. (See page(s) See page 352 in your textbook.)
fixed cost	The sum of expenses of the firm that are stable and do not change with the quantity of product that is produced and sold. (See page(s) See page 356 in your textbook.)
marginal analysis	A continuing, concise trade-off of incremental costs against incremental revenues. (See page(s) See page 357 in your textbook.)
marginal cost	The change in total cost that results from producing and marketing one additional unit. (See page(s) See page 356 in your textbook.)
marginal revenue	The change in total revenue obtained by selling one additional unit. (See page(s) See page 353 in your textbook.)
price	The money or other considerations (including other goods and services) exchanged for the ownership or use of a good or service. (See page(s) See page 344 in your textbook.)
price elasticity of demand	The percentage change in quantity demanded relative to a percentage change in price. (See page(s) See page 355 in your textbook.)
pricing constraints	Factors that limit the latitude of price a firm may set. (See page(s) See page 347 in your textbook.)
pricing objectives	Expectations that specify the role of price in an organization's marketing and strategic plans. (See page(s) See page 350 in your textbook.)
profit equation	Profit = Total revenue - Total cost, or Profit = (Unit price x Quantity sold) = Total cost. (See page(s) See page 346 in your textbook.)
total cost	(1) The total expense incurred by a firm in producing and marketing a product. Total cost is the sum of fixed cost and variable cost. (2) In physical distribution decisions, the sum of all applicable costs for logistical activities. (See page(s) See page 356 in your textbook.)
total revenue	The total money received from the sale of a product. (See page(s) See page 353 in your textbook.)
value-pricing	The practice of simultaneously increasing service and product benefits and maintaining or decreasing price. (See page(s) See page 345 in your textbook.)
values	(1) Personally or socially preferable modes of conduct or states of existence that are enduring. (2) The ratio of perceived quality to price. (See page(s) See pages 181, 345 in your textbook.)
variable cost	The sum of the expenses of the firm that vary directly with the quantity of product that is produced and sold. (See page(s) See page 356 in your textbook.)