What is PRICE?

The consideration (usually In money) given for the purchase of a thing. It is true that “price” generally means the sum of money which an article is sold for; but this is simply because property is generally soid for money, not because the word has necessarily such a restricted meaning. Among writers on political economy, who use terms with philosophical accuracy, the word “price” is not always or even generally used as denoting the moneyed equivalent of property sold. They generally treat and regard price as the equivalent or compensation, in whatever form received, for property sold. The Latin word from which “price” is derived sometimes means “reward.” “value.” “estimation,” “equivalent.” Hudson Iron Co. v. Alger, 54 N. Y. 177.

More On This Topic

Link to This Definition
Did you find this definition of PRICE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary