What is price?

English Language Learners Definition of price (Entry 1 of 2) : the amount of money that you pay for something or that something costs : the thing that is lost, damaged, or given up in order to get or do something

What is the function of prices?

Prices are an expression of the consensus on the values of different things, and every society that permits exchanges between people has prices. It follows from the definition just stated that prices perform an economic function of major significance.

Is price a measure of value?

Price, the amount of money that has to be paid to acquire a given product. Insofar as the amount people are prepared to pay for a product represents its value, price is also a measure of value. Price s are an expression of the consensus on the values of different things, and every society that permits exchanges between...

What is the price of a product or service?

The price of a product or service is the outcome of a sophisticated series of computations, study and research, and risk-taking skills. A pricing strategy considers, among other things, segmentation, ability to pay, market conditions, competitor activities, trade margins, and input costs.