Price

In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.

In modern economies, prices are generally expressed in units of some form of currency. (For commodities, they are expressed as currency per unit weight of the commodity, e.g. euros per kilogram.) Although prices could be quoted as quantities of other goods or services this sort of barter exchange is rarely seen. Prices are sometimes quoted in terms of vouchers such as trading stamps and air miles. In some circumstances, cigarettes have been used as currency, for example in prisons, in times of hyperinflation, and in some places during World War 2. In the black economy, barter is also relatively common.

In many financial transactions, it is customary to quote prices in other ways. The most obvious example is in pricing a loan, when the cost will be expressed as the percentage rate of interest. The total amount of interest payable depends upon the loan amount and the period of the loan. Other examples can be found in pricing financial derivatives and other financial assets. For instance the price of inflation-linked government securities in several countries is quoted as the actual price divided by a factor representing inflation since the security was issued.

Price sometimes refers to the quantity of payment requested by a seller of goods or services, rather than the eventual payment amount. This requested amount is often called the asking price or selling price, while the actual payment may be called the transaction price or traded price. Likewise, the bid price or buying price is the quantity of payment offered by a buyer of goods or services, although this meaning is more common in asset or financial markets than in consumer markets.

Economists sometimes define price more generally as the ratio of the quantities of goods that are exchanged for each other.

Read more about PricePrice Theory, Price and Value, Austrian School Theory, Price As Productive Human Labour Time, Confusion Between Prices and Costs of Production, Price Point

Other articles related to "price, prices":

Waitrose - Brand and Marketing - Brand Price Match
... to Christmas 2010 Waitrose launched a campaign matching Tesco's price on 1000 branded products ... items would be no more expensive than shopping in Tesco by directly matching the price with that of its rival ... In 2012 this was updated to include a price match promise on all branded goods with Tesco ...
Price, Wisconsin - Demographics
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Transformation Problem - Transformation of Values Into Prices - Marx's Error and Its Correction
... argued that Marx's formulas for competitive prices were mistaken ... rate of return over constant capital valued at its price, not its Marxian value, contrary to what is done in Table 2 above ... Secondly, competitive prices result from the sum of costs valued at the prices of things, not as amounts of embodied labour ...
Uvedale Price - The Picturesque and Landscape Theory
... Price developed his ideas with his close neighbour Richard Payne Knight, whose poem 'The Landscape' was published the same year as Price's Essay delineating his ... Well before Price's Essay or Knight's poem, however, the term 'pictoresque' was used in early 18th century France to refer to a property of being 'in the style of a painter ... of beauty, or sublimity, or grandeur." For Price, the Picturesque was more specifically defined as being located between the Beautiful and the Sublime ...

Famous quotes containing the word price:

    I don’t want to read about some of these actresses who are around today. They sound like my niece in Scarsdale. I love my niece in Scarsdale, but I won’t buy tickets to see her act.
    —Vincent Price (1911N)

    How long most people would look at the best book before they would give the price of a large turbot for it?
    John Ruskin (1819–1900)

    Who makes ends meet, who’s taking the knock,
    Government tariffs, wages, price of stock.
    Smoke hangs under the light.
    Philip Larkin (1922–1986)