price

1. A. PRICE
Price is that which is given up in exchange to acquire goods or service. Price is typically
the money exchanged for the good and service. It may also be time lost while waiting to
acquire the good or service. People especially consumers are interested in obtaining a
“reasonable price”. It means perceived reasonable value.
Price paid is based on the satisfaction consumers expect to receive from a product and not
necessarily the satisfaction they actually receive. Price can be related to anything with
perceived value, not just money. When good and services are exchange, the trade is
called barter.