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  • Assignment No.1 Definition

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    Shiwangi Nagori
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    The document defines key terms related to renting, including value, want, price, satisfaction, cost, and efforts. Value refers to what one is willing to give up to receive something in return, such as money, services, or goods. Price balances supply and demand and determines who gets what and how much. Satisfaction occurs when needs and wants are met. Cost represents a fixed valuation unlike price, which can fluctuate. Efforts refers to a willingness to exert physical or mental work earnestly. Procedure means following a series of steps or instructions, in this case related to legal instructions before paying a tenant.

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    The document defines key terms related to renting, including value, want, price, satisfaction, cost, and efforts. Value refers to what one is willing to give up to receive something in return, such as money, services, or goods. Price balances supply and demand and determines who gets what and how much. Satisfaction occurs when needs and wants are met. Cost represents a fixed valuation unlike price, which can fluctuate. Efforts refers to a willingness to exert physical or mental work earnestly. Procedure means following a series of steps or instructions, in this case related to legal instructions before paying a tenant.

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    6 views2 pages

    Assignment No.1 Definition

    Uploaded by

    Shiwangi Nagori
    The document defines key terms related to renting, including value, want, price, satisfaction, cost, and efforts. Value refers to what one is willing to give up to receive something in return, such as money, services, or goods. Price balances supply and demand and determines who gets what and how much. Satisfaction occurs when needs and wants are met. Cost represents a fixed valuation unlike price, which can fluctuate. Efforts refers to a willingness to exert physical or mental work earnestly. Procedure means following a series of steps or instructions, in this case related to legal instructions before paying a tenant.

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    © All Rights Reserved
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    |SHIWANGI NAGORI -19|

    PROFESSIONAL PRACTICE
    DEFINITION OF WORDS IN TERMS OF “RENT”

     
     VALUE is whatever someone might be visiting to give up
    to get something in return. (That whatever can be
    money, services or even goods)

     WANT is something that is not essential to life unlike to


    what need is.

     PRICE is a concept wherein we decide who gets what


    and how much? So basically is balances the supply and
    demand chain.

     SATISFACTION comes when need as well as wants are


    served to someone. Can be said as highest level of
    saturation.

     COST is a fixed valuation unlike price which might


    fluctuate due to some or the other factors like tax,
    bargain, market value

     EFFORTS is willingness to make the exertion of may be


    physical or mental work in a very earnest manner.

     PROCEDURE is doing something in a particular series or


    by following steps, in this case following a set of legal
    instruction before paying the tenant.

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