Encyclopedia > Price

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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Historically, price value has superseded the barter value of pre-monetary systems, in which bartering was used to determine a value of a good or service.

see also pricing, marketing, microeconomics, marketing mix

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(not to be confused with prize, what one wins in gambling or a competition)

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