Explain Two Types of Price Behavior

question 10

Essay

Explain two types of price behavior.

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Definitions:

Insourced

The process of performing tasks or services internally within a company, as opposed to outsourcing them to an external provider.

Outsourced

The practice of having certain job functions or processes handled outside of the company, typically by third-party vendors, instead of being conducted internally.

Outsourcing

The business practice of hiring parties outside a company to perform services or create goods that traditionally were performed in-house.

Private Sector

The part of the economy that is owned and operated by individuals and companies for profit, as opposed to being government controlled.