Introduction to Price

Price is both the money someone charges for a good or service and what the consumer is willing to give up to receive a good or service.

Depending on whether they are describing a good or a service and the product's industry, people may use terms other than the word price.

Since pricing has a direct impact on a company's revenue, and thus profit, setting the right price is essential to a company's success.

Value is the worth of goods, and relative value is attractiveness measured in terms of utility of one good relative to another.