price
Sign in to savethumb|The competitive price system according to Paul Samuelson thumb|upright|A price display for a tagged clothes item at Kohl's
AI overview
Price is the amount of money you pay to buy something, as shown on tags or labels when you shop. It matters because prices help determine what things cost, which affects what people can afford to buy and how sellers decide what to offer.
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Article
15 sectionsContents
- Functions of prices
- Price and value
- Negative prices
- Austrian School theory
- Price as productive human labour time
- Confusion between prices and costs of production
- Price point
- Market price
- Price databases
- Other terms
- See also
- Notes
- References
- Further reading
- External links
thumb|The competitive price system according to Paul Samuelson thumb|upright|A price display for a tagged clothes item at Kohl's
A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a physical good, the price for the service may be called something else such as "rent" or "tuition". Prices are influenced by production costs, supply of the desired product, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions.