price

¹price

noun \ˈprīs\

Definition of PRICE

1

archaic : value, worth

2

a : the quantity of one thing that is exchanged or demanded in barter or sale for another

b : the amount of money given or set as consideration for the sale of a specified thing

3

: the terms for the sake of which something is done or undertaken: as

a : an amount sufficient to bribe one <believed every man had his price>

b : a reward for the apprehension or death of a person <an outlaw with a price on his head>

4

: the cost at which something is obtained <the price of freedom is restraint — J. Irwin Miller>

Examples of PRICE

1. You paid a high price for the car.
2. We bought the house at a good price.
3. The price of milk rose.
4. What is the difference in price between the two cars?
5. I know he said he wouldn't do it, but I think it's just a matter of finding his price.

Origin of PRICE

Middle English pris, from Anglo-French, from Latin pretium price, money; probably akin to Sanskrit prati- against, in return — more at pros-

First Known Use: 13th century

Related to PRICE

Synonyms

ante, charge, cost, damage, fee, figure, freight, price tag

Related Words

fair market value, market value, valuation, value; asking price, list price, sticker price; price point, rate, tariff, unit price; carrying charge, overcharge, service charge (also service fee), surcharge; deduction, discount, markdown, reduction, sale; deposit; down payment; account, bill, check, invoice, tab

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

Rhymes with PRICE

dice, gneiss, ice, lyse, nice, pice, rice, slice, spice, splice, syce, thrice, trice, twice, vice, vise

²price

transitive verb

pricedpric·ing

Definition of PRICE

1

: to set a price on

2

: to find out the price of

3

: to drive by raising prices excessively <priced themselves out of the market>

— pric·er noun

Examples of PRICE

1. They priced the house too high.
2. Workers quickly priced the new merchandise.

First Known Use of PRICE

15th century

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite

Price

biographical name \ˈprīs\

Definition of PRICE

(Mary) Le*on*tyne \lē-ˈän-ˌtēn; ˈlē-ən-ˌ, ˈlā-\ 1927–     Am. soprano

price

noun    (Concise Encyclopedia)

Amount of money that has to be paid to acquire a given good, service, or resource. Operating as a measure of value, prices perform a significant economic function, distributing the scarce supply of goods, services, and resources to those who most want them through the adjustments of supply and demand. Prices of resources are called wages, interest, and rent. This system, known as the price mechanism, is based on the principle that only by allowing prices to move freely will the supply of any given commodity match demand. If supply is excessive, prices will be low and production will be reduced; this will cause prices to rise until there is a balance of demand and supply. If supply is inadequate, prices will be high, prompting an increase in production that in turn will lead to a reduction in prices until supply and demand are in equilibrium. A totally free price mechanism does not exist in practice; even in free-market economies, monopolies or government regulation may limit the efficiency of price as a determinant of supply and demand. In centrally planned economies, the price mechanism may be supplanted by centralized government control. Attempts to operate an economy without a price mechanism usually result in surpluses of unwanted goods, shortages of desired products, black markets, and stunted economic growth.