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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market1 Mark
Question
Explain the two major components around which the price revolves.
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Answer

Price revolves around two major components:
  1. Utility: The generic property of the product to satisfy the need or want of the consumer.
  2. Value: The quantitative worth the consumer fixes to the product, for which he is willing to part with a certain quantity of money.

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