Price Definition
A value that will purchase a definite quantity, weight, or other measure of a good or service.
As the consideration given in exchange for transfer of ownership, price forms the essential basis of commercial transactions. It may be fixed by a contract, left to be determined by an agreed upon formula at a future date, or discovered or negotiated during the course of dealings between the parties involved. In commerce, price is determined by what (1) a buyer is willing to pay, (2) a seller is willing to accept, and (3) the competition is allowing to be charged. With product, promotion, and place of marketing mix, it is one of the business variables over which organizations can exercise some degree of control. It is a criminal offense to manipulate prices (see price fixing) in collusion with other suppliers, and to give a misleading indication of price such as charging for items that are reasonably expected to be included in the advertised, list, or quoted price. Also called sale price and selling price.
Source: http://www.businessdictionary.com/definition/price.html#ixzz2DPaO62cA
As the consideration given in exchange for transfer of ownership, price forms the essential basis of commercial transactions. It may be fixed by a contract, left to be determined by an agreed upon formula at a future date, or discovered or negotiated during the course of dealings between the parties involved. In commerce, price is determined by what (1) a buyer is willing to pay, (2) a seller is willing to accept, and (3) the competition is allowing to be charged. With product, promotion, and place of marketing mix, it is one of the business variables over which organizations can exercise some degree of control. It is a criminal offense to manipulate prices (see price fixing) in collusion with other suppliers, and to give a misleading indication of price such as charging for items that are reasonably expected to be included in the advertised, list, or quoted price. Also called sale price and selling price.
Source: http://www.businessdictionary.com/definition/price.html#ixzz2DPaO62cA
Price Elasticity Definition
Relationship between the total amount spent on a good in the market and the price of the good. It is the percentage change in quantity divided by the percentage change in price. If a price decrease results in larger total expenditure (and vice versa), the good is price elastic. If a price decrease results in less total expenditure (or vice versa), the good is price inelastic.
Source: http://www.answers.com/topic/price-elasticity#ixzz2DPa9gch7
Source: http://www.answers.com/topic/price-elasticity#ixzz2DPa9gch7