Price refers to the amount of money that buyers pay and sellers receive for a particular good or service in an exchange. It acts as an incentive for both buyers and sellers to participate in transactions.
Related terms
Demand Curve: A graphical representation showing how much of a good or service consumers are willing and able to buy at different prices.
Equilibrium Price: The market-clearing price where quantity demanded equals quantity supplied.
Elasticity of Demand: A measure of how sensitive consumers' demand for a product is to changes in its price.