Price
![The competitive price system according to [[Paul Samuelson](https://upload.wikimedia.org/wikipedia/commons/b/b4/The_competitive_price_system_adapted_from_Samuelson%2C_1961.jpg)
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. (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. In business this requested amount is often referred to as the offer price or selling price, while the actual payment may be called transaction price or traded price.
Economic price theory asserts that in a free market economy the market price reflects the 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 is 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. Provided by Wikipedia
361
Published: c2011.
Superior document: Value inquiry book series ; v. 230. Philosophy of sex and love
362
Published: 2009.
Superior document: The Brill reference library of Judaism, v. 28
363
Published: 2000.
Links: Get full text
364
Published: [2001]
Links: Get full text
365
Published: [2003]
Superior document: Contemporary mathematics ; 335
Links: Get full text
366
Published: c2007.
Links: Get full text
367
Published: c2007.
Links: Get full text
368
Published: 2007.
Links: Get full text
369
Published: [2004]
Superior document: At the interface/Probing the boundaries ; Volume 8
370
Published: 1999.
Superior document: Studies in income and wealth ; v. 61
Links: Get full text
371
Published: [2022]
Superior document: Title is part of eBook package: De Gruyter University of Hawaii Press Archive eBook-Package Pre-2000
Links: Get full text; Get full text; Cover
372
Published: 2013.
Superior document: Scottish cultural review of language and literature ; volume 20
373
Published: c1995.
Links: Get full text
374
Published: c2009.
Links: Get full text
375
Published: c2012.
Links: Get full text
376
Published: 1993
377
Published: 2011.
Superior document: Dialogue ; 14
378
Published: 1990.
Superior document: Harvard East Asian Monographs ; 150
379
Published: 2010.
Superior document: International Ford Madox Ford studies ; v. 9
380
Published: 2005;, 2005.