STANDARD PRICE Meaning and
Definition
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Standard price refers to the established and prevalent cost assigned to a product, service, or commodity in a particular market or industry. It serves as a benchmark or reference point in determining the value or worth of an item. The standard price is typically the prevailing or average rate that consumers commonly expect to pay for a specific good or service.
This price is often influenced by various factors including production costs, market demand, competition, and government regulations. It represents a general indication of the fair value of a product or service in a given market, providing a point of comparison for buyers and sellers alike.
The standard price can also be used as a guideline for setting prices within a company or industry. It enables businesses to establish consistency and maintain competitiveness by aligning their pricing strategy with the prevailing market rates. Companies may choose to deviate from the standard price based on factors such as quality differentiators, unique features, or value-added services.
While the standard price provides a general notion of the market value, it is important to note that actual prices may vary due to factors such as location, bargaining power, or individual circumstances. Nonetheless, it serves as a commonly accepted reference point for buyers and sellers to ensure transparency and fairness in the pricing of goods and services within a particular market.
Common Misspellings for STANDARD PRICE
- atandard price
- ztandard price
- xtandard price
- dtandard price
- etandard price
- wtandard price
- srandard price
- sfandard price
- sgandard price
- syandard price
- s6andard price
- s5andard price
- stzndard price
- stsndard price
- stwndard price
- stqndard price
- stabdard price
- stamdard price
- stajdard price
- stahdard price
Etymology of STANDARD PRICE
The word "standard" originated from the Old French term "estandard" which meant "a flag or banner". It was derived from the Frankish term "standhard", where "stand" means "to stand" and "hard" means "hard" or "firm". The term was initially used to refer to a distinctive flag or banner that represented a particular military unit.
The word "price" originated from the Old French term "pris", which means "value" or "worth". It was derived from the Latin word "pretium", which also means "price" or "value".
When "standard" and "price" are combined to form "standard price", the term typically refers to a fixed or regular price that is established for a product, service, or commodity. It represents the commonly accepted value or worth of the item being sold.
