What is PRICE?

The term 'PRICE' represents the amount of money or consideration required to purchase a good, service, or asset. It is a fundamental concept in economics and commerce, reflecting the perceived value and scarcity of an item. Prices are typically determined by supply and demand in a market, but can also be influenced by factors like production costs, competition, and government regulations. Prices are essential for facilitating transactions and allocating resources within an economy.