Price

In economics and business, the price is the assigned numerical monetary
value of a good or service. The concept of price is central to
microeconomics where it is one of the most important variables in resource
allocation theory (also called price theory). Price is also central to
marketing where it is one of the four variables in the marketing mix that
business people use to develop a marketing plan.

Historically, price value has superseded the barter value of pre-monetary
systems, in which bartering was used to determine a value of a good or
service. Economists, strictly speaking, view price as an exchange ratio
between goods. Thus it exists also in a barter system. From this point of
view, price is akin to opportunity cost, that is, what you have to give up
in exchange for the good or service that you are purchasing.

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