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Wednesday, November 21, 2012

price (bonus)

              The Oxford English Dictionary defines price as being closely associated with praise, honour, value, worth, and cost.[1] It can be an expression of honour or praise or the quality of being valued and having social worth. There also exists an inevitable connection between price and monetary value where it refers to the cost of obtaining benefits though effort or other sacrifices.
               Price originates from the Anglo-Norman terms price, priese, pris, prise and Old French, Middle French pris, prix which defines a monetary sum involved in market transactions and reputation, renown, esteem (12th century). [1]  By the 12th century, price was connected with the meaning of a prize, reward given to an individual, and superiority; while also having meaning toward wages (second half of 15th century) and the sum of money offered as a reward for the service of capturing an individual (1671).[1]   Its earlier roots trace back to the classical Latin pretium, mainly describing money for which anything is bought or sold, but also defining the likes of reward, compensation, prize, penalty, bribe, value, and worth.[2] However, in its most primitive form, price originates from the Proto-Indo-European
*preti- (back), in the sense of re-compensation. [2] Similarly, price can be compared to a variety of other words such as the Old Occitan pretz, Spanish precio, and Italian pregio; all of which carry the same definition of value, worth, and honour. [1]
               If used to describe an individual
, price is most commonly used in society as a word offering praise or recognition of one’s worthy actions. However it is also a word that carries large implications in day to day economic situations. Price is what defines the monetary value of a particular commodity or service; thus in return, describing the implications of its purchase. In the business realm, price forms the basis of commercial transactions and is determined by a set of three factors: how much the buyer is willing to pay, the seller is willing to accept, and its relationship to the market value.  The price of a commodity is always subject to change depending on time and location or how much advertisement is done to bring it under the public eye. When used in conjunction with an individual like the phrase ‘every man has his price’, price then chiefly refers to the sum of money needed to acquire the person’s support; but, ’to set a price on one’s head’ defines the amount of money offered as a reward to an individual for the killing of another.[1]  There is a certain degree of superiority associated with price as the position of excelling over others or the gain of victory. In that sense, price is not necessarily a term related to discussions regarding the less fortunate; but rather due to its ties with power and value, one meant for the elite.

[1] "Home : Oxford English Dictionary." Home : Oxford English Dictionary. http://oed.com/view/Entry/151135 (accessed November 20, 2012).

[2] "pretium." Wiktionary, the free dictionary. en.wiktionary.org/wiki/pretium (accessed November 20, 2012).

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