Price: In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods

or services. In modern economies, prices are generally expressed in units of some form of currency.Although prices could be quoted as quantities of other goods or services this sort of barter exchange is rarely seen. Economists sometimes define price more generally as the ratio of the quantities of goods that are exchanged for each other. For example, suppose two people exchange 5 apples for 2 loaves of bread. Then the price of apples could be expressed as 2/5 = 0.4 loaves of bread. Likewise, the price of bread would be 5/2 = 2.5 apples. However in reality prices are usually quoted and paid in currency. Thus it can be argued that the most basic and general definition of price is that expressed in money, and that the exchange ratio between two goods is simply derived from the two individual prices. Value (economics): An economic value is the worth of a good or service as determined by the market.Value is linked to price through the mechanism of exchange. When an economist observes an exchange, two important value functions are revealed: those of the buyer and seller. Just as the buyer reveals what he is willing to pay for a certain amount of a good, so too does the seller reveal what it costs him to give up the good. Additional information about value is obtained by the rate at which transactions occur, telling observers the extent to which the purchase of the good has value over time. Said another way, value is how much a desired object or condition is worth relative to other objects or conditions. Economic values are expressed as "how much" of one desirable condition or commodity will, or would be given up in exchange for some other desired condition or commodity. Among the competing schools of economic theory there are differing metrics for value assessment and the metrics are the subject of a "Theory of Value." Value theories are a large part of the differences and disagreements between the various schools of economic theory.

Wealth : Wealth is the abundance of valuable resources or material possessions. The concept of wealth, or its increase, is of significance in all areas of economics, and clearly so for growth economics and development economics. Yet the meaning of wealth is context-dependent and there is no universally agreed upon definition. At the most general level, economists may define wealth as "anything of value" which captures both the subjective nature of the idea and the idea that it is not a fixed or static concept. Various definitions and concepts of wealth have been asserted by various individuals and in different contexts.[2] Defining wealth can be a normative process with various ethical implications, since often wealth maximization is seen as a goal or is thought to be a normative principle of its own.

the cross elasticity of deman d would result in consumers buying more pencils instead. 'Richness' refers to an abundance of such resources. Although in economic theory all goods are considered tangible. For example. goods have price elasticity. for example. may only exist in intangible forms.Wealth' refers to some accumulation of resources. or nation thus has more resources than a poor one. . such as information. whether abundant or not. community. depending on a number of characterist ics. in reality certai n classes of goods. a good is something that is intended to satisfy some wants or need s of a consumer and thus has economic utility. A wealthy (or rich) individ ual. Richness can also refer to at least basic needs being met with abundance widely shared. such as tickets to major sporting events or original works by famous artists. An inelastic good is one for wh ich there are few or no substitutes. It is normally used in the plural form goods to denote tangible commodities such as products and materials. An elastic good is one for which there are substitute goods. as pen prices rise. GOOD: In economics. Goods can be defined in a variety of ways.

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