price (1)

[PRIZE (2), 8.] Reward, recompense. "What then? is the reward of virtue bread? That vice may merit; 'tis the price of toil" Pope: E ay on Man, iv. 151. price (2), *pris, *pryce, *prys, s . [C. Fr. pris , pre is (Fr. prix ), from Lat pretium =price; Sp. precio : Ital. prezzo. Price, prize (1), s., and praise , are e entially the same word.] pine, pit, sire, sir, marine; gō, pot, price-current 1. The equivalent in money, or other medium of exchange, paid or given for anything; the sum of money paid for goods; the value which a seller puts on his goods; the current value of a commodity. (2 Samuel xxiv. 24.) 2. Value, estimation. ( Spenser: F. Q., V. i. 1.) 3. Worth, value, excellence. ( Matt. xiii. 26.) The early political economists used the words value and price as synonymous terms, and they are not always discriminated even by Ricardo. John Stuart Mill and the modern economists discriminate them, using price to expre the value of a thing in relation to money, and value, or exchange value, to denote its general power of purchasing. The price of an article is regulated by the law of demand and supply. (1) Price of money: Comm.: The rate of discount at which capital may be lent or borrowed. (2) Market price : [MARKET-PRICE.] (3) Natural price : [REAL-VALUE.]