BUDGET PRICES Meaning and
Definition
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Budget prices refer to prices that are set at a relatively low or affordable level, enabling individuals or businesses to manage their expenses within a specified financial plan. These prices are often designed to cater to individuals or entities with limited monetary resources, allowing them to purchase goods or services without exceeding their budgetary constraints.
The concept of budget prices emerged to accommodate the needs and affordability of a wider range of consumers. It provides an opportunity for those with limited financial means to access essential products or services without compromising on quality. Budget prices typically reflect a cheaper alternative to higher-priced options available in the market and are often associated with economy or discount offerings.
Budget prices are commonly found in various industries such as retail, travel, hospitality, and food services. Companies may offer budget-priced products or services through strategies like discount sales, clearance items, promotional offers, or lower-cost alternatives to cater to price-sensitive individuals or those looking for cost-effective options.
It is important to note that while budget prices may offer affordability, they do not necessarily represent the lowest possible price in the market; they are simply positioned as a more economically friendly option compared to higher-priced offerings. The notion of budget prices emphasizes the significance of cost-consciousness and the ability to make purchasing decisions while considering financial limitations.
Common Misspellings for BUDGET PRICES
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Etymology of BUDGET PRICES
The word "budget" originated from the Middle English word "bowgette" or "bowget" which meant a bag or a wallet. This term came from the Old French word "bougette" which also referred to a small bag. Over time, the meaning of "budget" evolved to represent a financial plan or a statement of income and expenses.
The term "prices" comes from the Old French word "prix" which means value or worth. This word was derived from the Latin word "pretium" with the same meaning.
When combined as "budget prices", the term refers to prices that are relatively low or affordable, emphasizing the notion of a financial plan or restrictions.
