Terms

Price

Price

Price is a measure of value that provides an economic mechanism by which goods and services are distributed among the large number of people desiring them. Prices act as indicators of strength of demand for different products and enable producers to respond accordingly, signalling shortages or surpluses during changing market conditions. They are monetary value of goods, services, or resources established during a transaction, set by a seller when they possess a monopoly tower, or set by buyers when they possess monopsony power. In modern economies, prices are generally expressed in units of some form of currency.

  • Price is a measure of human behavior.  As such, Prices have a mind of their own