In an exchange economy, where goods or services are well-made and exchanged for one another’s needs in the market, rather than through barter, ‘price’ holds significant importance. The key to business success lies in understanding the prime cost and establishing a ‘price’ based on that cost. If sales surge when a product that typically does not sell well is offered at a very low price, there must be a reason for the low price, as well as an explanation for why it does not sell at a higher price. The price results from the interaction of producers, consumers, and all other market variables. To identify the causes of problems in your business, you must first examine the price adequacy of the product or service you are selling. Price is not merely a number. - Joseph’s “just my thoughts”
Don’t give advice recklessly. Only offer it to those who can truly listen. When someone who hears advice chooses to ignore it, it signifies that they are dismissing the adviser and will rely only on their own judgment. While behavior remains unchanged, asserting that they can understand the advice also reflects an attitude that undermines the adviser’s personality. The lack of behavioral change indicates that the person did not grasp the advice. Advice holds greater power for the listener than for the adviser. - Joseph’s “just my thoughts”