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Describe the relationship between pricing objectives and pricing strategies.
Total Income
The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period of time.
Household Income
The combined gross income of all members of a household.
Gini Ratio
A statistical measure used to represent the income or wealth distribution of a nation's residents, indicating economic inequality.
Highest Quintile
The top 20 percent segment of a population sorted by income, wealth, or another metric.
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