Price

:For people whose family name is Price see Price (disambiguation).

Conventional definition

Historically, price value has superseded the barter value of pre-monetary systems, in which bartering was used to determine a value of a good or service. However, in countertrade prices may nevertheless be used to establish trading ratios, and informal bartering continues.

Related Topics:
Barter - Countertrade

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Economists, strictly speaking, view price as an exchange ratio between goods which reflects a utility preference by the buyer. Prices can also said to exist in a barter system, although they may not be expressed in money.

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From this point of view, a price is similar to an opportunity cost, that is, what must be given up in exchange for the good or service that is being purchased.

Related Topics:
Opportunity cost - Purchase

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The price of an item is also called the price point, especially where it refers to stores that set a limited number of price points. For example, Dollar General is a general store or "five and dime" store that sets price points only at even amounts, such as exactly one, two, three, five, or ten dollars (among others). Other stores (such as dollar stores, pound stores, euro stores, 100-yen stores, and so forth) only have a single price point (1$, 1£, 1?, 100¥), though in some cases this may get more than one of some very small items.

Related Topics:
Store - Dollar General - General store - Five and dime - Dollar - Dollar store - Pound - Euro - Yen

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