Question

What do you mean by price? Discuss the internal and external factors influencing pricing decision?

Answer 1

Hey mate!

I am here with your answer!

Price, the amount of money that has to be paid to acquire a given product. Insofar as the amount people are prepared to pay for a product represents its value, price is also a measure of value. It follows from the definition just stated that prices perform an economic function of major significance.

Hope this will help you!