price

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Nasıl kullanılır

In everyday conversation, the word 'price' is often used to refer to the cost of a product or service. For example, 'The price of a new smartphone is $1,000.' However, in more formal contexts, such as business or economics, the term 'price' can also refer to the amount of money that buyers are willing to pay for a good or service. For instance, 'The price elasticity of demand for a new product is high.' Learners of English should be aware that the word 'price' can be confused with 'cost,' but 'cost' typically refers to the total expenses incurred in producing a good or service, whereas 'price' refers to the amount paid by the consumer.