Space and Gravity: We understand intangible values like price or worth using spatial and physical metaphors: high or low, rising or falling. Although intangible value has no physical properties, we mentally map it onto ideas of space and gravity. For instance, we imagine a lowest point for value, equating a price drop with a sharp fall and a rise with a slow climb, as if gravity is at work. This illustrates that our thinking applies the rules of space and gravity to even the most abstract concepts. - Joseph’s “just my thoughts”
In an exchange economy , where goods or services are well-made and exchanged for one another’s needs in the market, rather than through barter , ‘ price ’ holds significant importance. The key to business success lies in understanding the prime cost and establishing a ‘price’ based on that cost. If sales surge when a product that typically does not sell well is offered at a very low price, there must be a reason for the low price, as well as an explanation for why it does not sell at a higher price. The price results from the interaction of producers, consumers, and all other market variables . To identify the causes of problems in your business, you must first examine the price adequacy of the product or service you are selling. Price is not merely a number. - Joseph’s “just my thoughts”