According to Milton Friedman, price has five functions in a free-enterprise exchange economy which is characterized by private ownership of the means of production: See more

The paradox of value was observed and debated by classical economists. Adam Smith described what is now called the diamond – water … See more

Marxists assert that value derives from the volume of socially necessary labour time exerted in the creation of an object. This value does not relate to price in a simple manner, and the … See more

The price of an item is also called the "price point", especially if it refers to stores that set a limited number of price points. For example, Dollar General is a general store or "five and dime" store that sets price points only at even amounts, such as exactly one, two, … See more

One solution offered to the paradox of the value is through the theory of marginal utility proposed by Carl Menger, one of the founders of the Austrian School of economics. See more

Price is commonly confused with the notion of cost of production, as in "I paid a high cost for buying my new plasma television"; but … See more

In economics, the market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in … See more