Pronunciation: [d͡ʒˈʌst pɹˈa͡ɪs] (IPA) 
The spelling of the phrase "just price" adheres to common English pronunciation rules. The first word "just" is pronounced /dʒʌst/ with a hard "j" sound and a short "u" sound. The second word, "price," is pronounced /praɪs/ with a long "i" sound and a hard "c" sound. Together, the phrase "just price" refers to a fair and reasonable cost for a good or service, and its spelling accurately reflects its pronunciation.
Just price refers to a concept originally derived from moral theology and economics, and it denotes the fair and reasonable value or cost of a product or service. It is a benchmark that is considered ethically and morally acceptable, based on various socioeconomic factors such as production costs, wages, quality, supply and demand, and the well-being of both buyers and sellers.
The idea of a just price dates back to ancient societies, where it was believed that trade and commerce should be conducted fairly and with integrity. It opposes the notion of price gouging or unfair exploitation, aiming to prevent unfair profiteering and to ensure equitable transactions.
Determining a just price involves a careful consideration of all relevant factors, including the expenses incurred in production, costs of raw materials, labor wages, and reasonable profit margins. It may also take into account the perceived value of a product or service to customers, the needs of the producer or seller, and the purchasing power of the buyers.
In many societies, establishing just prices has been a subject of debate and regulation, often involving governmental and institutional authorities. Governments may implement laws or regulations to control prices, particularly in essential goods or during emergencies, to protect consumers from exploitation and to prevent inflation or economic instability.
It is important to note that the concept of a just price is subjective and varies across different cultures, eras, and economic systems. What is considered just in one context may be perceived as unjust in another.
The term "just price" can be traced back to medieval Europe and has its roots in both Latin and Old English.
The Latin term for "just price" is "pretium iustum", which was used in Roman law and economic theory. It referred to a fair and reasonable price for goods or services. The concept of the just price was associated with the idea of equity and fairness in economic transactions.
In Old English, the equivalent term was "ryhtwyrðe prys". "Ryhtwyrðe" means "rightful" or "just", while "prys" referred to the price. This Old English term emphasized the same idea of a morally right or fair price.
The concept of the just price was further developed during the Middle Ages, particularly by the Scholastic philosophers and theologians.
