Price

Price

A price in economics is the amount of money that buyers are willing and able to pay for a particular good or service, and that sellers are willing to accept. 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. Prices are usually non-negative. Price can be quoted in currency, quantities of goods or vouchers. • In modern economies, prices are generally expressed in units of some form of currency. • 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.

Data Source : Wikipedia