The monetary value of something is called price.
Price , from the Latin pretĭum , is the monetary value assigned to something . All products and services offered on the market have a price, which is the money that the buyer or client must pay to complete the transaction.
For example, if a pair of pants costs 100 dollars, the person who wants to buy them must pay that amount to take the product. In the case of services, the price is usually linked to a subscription, fee or tariff, since they generally have to be paid periodically. Cable television service can cost 2,000 pesos per month, among other cases.
What is the price
Price, at a conceptual level, expresses the value of the product or service in monetary terms . Raw materials, production time, technological investment and market competition are some of the factors that influence price formation.
It is important to note that the price also includes intangible values , such as the brand . A shirt made from identical materials can have very different prices depending on the brand, since the consumer acquires different symbolic values with it.
Likewise, within the scope of law we must also emphasize that there is something known as price. In this case, it is a term used to refer to monetary compensation.
Prices may vary due to different factors.
Inflation and deflation
The increase in prices over time is known as inflation , while the opposite trend is called deflation .
In both cases, price variations are stipulated and established by a whole series of existing price indices. This would be the case, for example, of what is known as the Consumer Price Index, more commonly known as the CPI, which revolves around the prices of products that are frequently purchased by families in the country in question.
Other uses of the term price
Beyond the monetary meaning, the concept of price is used to name the effort, suffering or loss that serves as a means to obtain something : "Sergio paid a very high price for success in the professional world: he had a heart attack due to stress."
It should also be noted that the term in question is commonly used to make it clear that someone is important or held in high esteem. An example of the use of this meaning could be the following: “Juan is a man of great value for his wisdom, his savoir-faire, his tolerance and his generosity.”
And, of course, we cannot ignore the fact that we colloquially use a series of expressions that include the word price. This would be the case, for example, of “no tener precio” (to have no price). With this verbal expression, what is meant to be conveyed is that something or someone is very valuable.
Similarly, there is also the expression “raise the price”, which serves to make it clear that the value of something in particular has increased.