price

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Price

The value of a thing with real or perceived worth. Price represents the amount of value the market has assigned, fairly or unfairly, to a good or service. Normally, prices are expressed in terms of money, but practices such as countertrade and PIK securities indicate that prices may be expressed in goods: "four chickens for two sheep." Price is a necessary component of trade.

Prices tend to be regulated by the law of supply and demand; that is, a price of a good or service increases with smaller supply and/or greater demand. A corollary to this is the idea that commoditization drives prices down because it increases supply (sometimes vastly) while leaving demand the same. Prices likewise rise when the value of money declines. Governments can and have controlled the prices of certain goods and services by subsidy or decree. This is usually an anti-inflationary measure and tends to distort, rather than eliminate, the law of supply and demand. It is thus not generally sustainable as a mechanism for controlling price.

price

The dollar amount at which a security trades. Stocks are nearly always quoted fully (that is, $25 means $25 per share), while bonds are ordinarily quoted as a percentage of par value (that is, 98 represents $980 per $1,000 par bond).

price

the money value of a unit of a GOOD, SERVICE, FINANCIAL SECURITY or ASSET which a buyer is required to pay a seller to purchase the item. Usually the price of a product is fixed by the seller in advance on the basis of the costs of producing and selling the product and the seller's desired profit margin. In other cases, however, prices are variable, being determined by prevailing demand and supply conditions as with the sale, for example, of a STOCK or SHARE, a house or items sold at an auction.

Because a purchase involves a money outlay on the part of buyers who operate within a budget constraint, the price of a product is an important factor in the buying decision. It may well be the paramount consideration in many cases, but for some purchases other elements in the MARKETING MIX (product quality and performance etc.) may be equally if not more important. Thus, although many products (especially COMMODITY-TYPE PRODUCTS) tend to be sold at low, competitive prices, many others can be sold at higher prices, providing customers with a variety of price-quality trade-offs and other product attributes. See MARKET STRUCTURE, MONOPOLY, BUYER'S MARKET, SELLER'S MARKET, PRICING, PRICING OBJECTIVES, PRICING METHODS, FOUR P'S OF MARKETING.

price

the money value of a unit of a GOOD, SERVICE, ASSET or FACTOR INPUT. In some markets (for example, see PERFECT COMPETITION), price will be determined entirely by the forces of DEMAND and SUPPLY. By contrast, in other markets (for example, MONOPOLY markets) powerful suppliers have considerable discretion over the price that they charge. In certain circumstances, prices may be subjected to governmental PRICE CONTROL or regulated by means of PRICES AND INCOMES POLICY. See also EQUILIBRIUM MARKET PRICE, ADMINISTERED PRICE.

price

An amount of money exchanged for something of value.

References in periodicals archive ?
With its rich cultural heritage and booming tourism and travel sector, the Middle East is the ideal market to introduce our latest Priceless Cities campaign, which stresses the importance of memorable experiences rather than material things," Malhotra said.
In considering the application and practice of Tilden's principle of the Priceless Ingredient we might do well to reflect on these two questions:
MasterCard's Priceless Cities programme offers cardholders who sign up such experiences as exclusive access to concerts, theatre, restaurants, museums, and sporting events around the world.
He said: "We are delighted to have negotiated a deal, which will secure the employment of over 1,100 employees and ensure the Barratts and Priceless brands continue, especially given the adversity which has beset the high street over recent months.
Daniel Butters, joint administrator and partner in Deloitte's restructuring services practice, said: "We are delighted to have negotiated a deal, which will secure the employment of over 1,100 employees and ensure the Barratts and Priceless brands continue.
Following a marketing of the Barratts Priceless businesses it is clear that a satisfactory sale of the concession to a new party will not be achieved," said administrator Daniel Butters.
It is the second time the Bradford-based chain has been put into administration as Michael Ziff, chairman of Barratts Priceless parent company Stylo, bought 160 shops from Deloitte in 2009.
Five Barratts and 13 Priceless stores will close on Friday across the UK and Ireland, resulting in the loss of 127 jobs, with a further 60 staff members in the head office in Bradford also made redundant.
CASH-stricken shoe retailer Barratts Priceless Group is to close 18 stores following its collapse, including its outlet in Erdington.
UP to 170 staff will lose their jobs tomorrow when 18 shoe shops belonging to troubled Barratt Priceless group are axed.
DISCOUNT shoe retailer Barratts and Priceless Shoes has collapsed into administration with almost 4,000 jobs at risk.
The loyalty programme entitled Priceless offers a card with a unique 12-digit number, capable of storing all the customer's beneficiary details reducing transaction turn-around-time by 70 per cent, a statement said.