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the overall sacrifice a consumer makes to acquire a product or service is known as

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genewho

The overall sacrifice a consumer makes to acquire a product or service is known as price.

All the products and services offered in the market have a price, which is the money that the consumer or client must pay to complete the operation.

The price, at a conceptual level, expresses the value of the product or service in monetary terms and the overall sacrifice that the consumer must give to acquire said product or service.

  • Raw materials, production time, technological investment and competition in the market are some of the factors that influence price formation.

  • The increase in prices over time is known as inflation, while the opposite trend is called deflation.

Therefore, we can conclude that the overall sacrifice a consumer makes to acquire a product or service is known as price.

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