price

A price is the (usually not negative) quantity of payment or compensation given by one party to another in return for one unit of goods or services. In some situation, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name. For example, the graph on the bottom will show some situations A good's price is influenced by production costs, supply of the desired item, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions.
Price can be quoted to currency, quantities of goods or vouchers

In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.)
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 II. In a black market 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 credit risk, 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 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.
Economic price theory asserts that in a free market economy the market price reflects interaction between supply and demand: the price is set so as to equate the quantity being supplied and that being demanded. In turn, these quantities are determined by the marginal utility of the asset to different buyers and to different sellers. Supply and demand, and hence price, may be influenced by other factors, such as government subsidy or manipulation through industry collusion.
When a raw material or a similar economic good for sale at multiple locations, the law of one price is generally believed to hold. This essentially states that the cost difference between the locations cannot be greater than that representing shipping, taxes, other distribution costs and more.

View More On Wikipedia.org
  1. Lou

    The Energy Price Cap In The UK.

    The Energy Price Cap in the UK: Balancing Affordability and Sustainability Introduction The United Kingdom's energy price cap has been a topic of both praise and debate since its implementation. Introduced as a measure to protect consumers from excessively high energy bills, the price cap...
  2. L

    install mini tap pair and pressure limiting value

    Need supply and install of mini tap pair and pressure limiting value 350 KPA for dishwasher, I have got a quote for $1000, is this price justified ?
  3. B

    Price to plumb a new build

    Hi what is a rough guide cost for labour only in a typical 4 bed house new build in england Air source heat pump with Unvented cylinder Underfloor heating ground floor amd Underfloor heating 1st floor 1 Bathroom 2 ensuites Just a rough guide price thanks
  4. D

    How do you price a boiler repair job?

    Can anyone give handy advice for pricing repair jobs, please? Do I add a % on parts? What about a PRV that's hard to get to? Do you take the difficulty into consideration? Appreciate any advice
  5. M

    Commercial price work (prices) advice!

    Hi all. I just wondered whether any of you are currently doing any site work on a price? Only on the plumbing side no gas. Things like cylinder installs, 1st fixing and 2nd fixing. I know this will vary across the country, I’m based in the midlands. Any advice would be helpful. Cheers
  6. J

    Approx price for tempering valve install for solar hotwater

    Just wanting advice on the average cost of installing a tempering valve on a solar hot water system located on the roof of single storey home. Ive been charged $445 inc gst, no extra parts needed and took plumber less than 30 minutes to install, it seems a bit steep Any advice appreciated
  7. J

    Approx price for replacing tempering valve on solar hotwater

    Just wanting advice on the average cost of installing a tempering valve on a solar hot water system located on the roof of single storey home. Ive been charged $445 inc gst, no extra parts needed and took plumber less than 30 minutes to install, it seems a bit steep Any advice appreciated
  8. CorgiDirect

    Have you seen the price on this Bronze Pump ?

    Bronze Body DHW Recirculation Pump. Excellent Price. Only £77.00 Ex VAT BUY HERE Bronze Body DHW Recirc Pump Model : Bronze pump BRZPUMP-C Energy Efficiency Index: < 0.4 Power : 230V 50Hz Structure : Single-stage Three-speed Centrifugal Pump Type : Circulator Pump Application : Domestic...
  9. CorgiDirect

    Rothenberger Rocal Pro 2 Powerflusher. Best Price Online. Next Day Delivery

    Rothenberger Rocal Pro 2 Powerflusher. Best Price Online. Next Day Delivery If not properly inhibited, central heating systems fall foul to electrolytic corrosion, scale and oxidation which gathers inside the wet system. This affects heat output, flow rate, efficiency and ultimately can...
  10. I

    Second Fix Price work

    Second Fix Price Work I've been given the opportunity of second fix price work from an old employer 3 and 4 bed houses with heat pump cylinder, rads, main bathroom, ensuite, manifold and kitchen sink, Question is how long would that physically take some to do never done price before was...
  11. M

    Price for a Megaflow CL170 Annual Service Portsmouth. Thanks.

    Price and availablity for a Megaflow CL170 Annual Service Portsmouth. Thanks.
  12. CorgiDirect

    BIG Descaler & Leak Sealer Chemical Pallet Clearance Sale - You wont get a better price! , View this post for info while stock lasts

    Amazing Chemical Clearance Sale We are selling off the following Pallets of chemicals reduced to clear Part Number: C004300 Product: SAFEGUARD EXTRA 200 1 LTR QTY: PALLET OF 280 Only 3 Pallets left Only £100 each pallet (0.35p for each chemical) Part Number: C004301 Product: SAFEGUARD...
  13. D

    Price bathroom fitting

    Hi all I'm wanting a new bathroom fitted and wondered what the cost of a plumber should be. It's ex local authority property small bathroom. I need bath, basin and close coupled loo. The layout won't be changing. I'll be doing floor and walls myself. What should I expect to be paying for a...
  14. CorgiDirect

    Have you seen this excellent price on the Fernox F1 Central Heating Protect 500ml ?

    Have you seen this excellent price on the Fernox F1 Central Heating Protect 500ml ? Only £13.17 ex vat. Check out the full range of Fernox product here - https://corgi-direct.com/fernox-best-prices-online-18160-0000
  15. CorgiDirect

    Have you seen the price on the CORGI Bronze Pump ?

    In stock and available to order today Bronze Pump 130mm/180mm - https://www.corgi-direct.com/bronze-pump-130mm180mm-18039-3423757
  16. S

    What sort of price to cap off fireplace?

    Hi, Wanting to get rid of gas fire place, cap off and cover the hole. Any ideas on rough cost for this? Also how big would be actual hole be that’s left behind? Cheers
  17. F

    What's a reasonable price for a water softener and iron filter installed, in the US?

    What's a reasonable price for a water softener and iron filter installed, in the U.S.? For a name brand, just replacing the old units, so no plumbing needed.
  18. G

    Replacing boiler for combi. Fair price??

    My parents have recently had a problem with their worcester 24ri boiler where the water heats up but the heating does not. They have had a local plumber which they have always used and wouldnt use anyone else to look at the problem. The outcome being a £6500 quote to replace with a combi boiler...
  19. G

    looking to change career. is this expensive course is worth the price?

    Hi everyone, I’m so tired my actual job so I’m looking for new challenges and opportunities. I always have been hardworking and open to learn new skills but once I came to England I’ve stopped investing in myself. Don’t know really why but 3 years I doing something what I actually hate...
  20. P

    Fair price for replacing shower tray and surround?

    Hi all, Have had a quote to rip out existing tiling (due to water ingress), replace the shower tray and replace tiles with plastic wall panels. This is a small ensuite, approx size 70cm x 80cm x 170cm high. Quote is 2k and a week to do. Does this seem about right for the job?
Creating content since 2001. Untold Media.

Some Stats

Threads
98,777
Messages
1,073,100
Members
25,568
Latest member
FSTumi
Back
Top