If one were to ask a group of randomly selected individuals to define price, many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words that price is the money values of a product or service as agreed upon in a market transaction. This definition is, of course, valid as far as it goes. For a complete understanding of a price in any particular transaction, much more than the amount of money involved must be known. Both the buyer and the seller should be familiar with not only the money amount, but with the amount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, the form of money to be used, the credit terms and discounts that apply to the transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. In other words, both buyer and seller should be fully aware of all the factors that comprise the total package being exchanged for the asked-for amount of money in order that they may evaluate a given price.
04 Electricity
The modern age is an age of electricity. People are so used to electric lights, radio, televisions, and telephones that it is hard to imagine what life would be like without them. When there is a power failure, people grope about in flickering candlelight, cars hesitate in the streets because there are no traffic lights to guide them, and food spoils in silent refrigerators.
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