While many retailers spend much of the holiday season trying to catch the spend of the most affluent and well-capitalized of consumers, Walmart is carrying on in its annual tradition of bringing the joys of holiday spending to all budget levels by getting out early with its seasonal layaway policies for holiday 2016.
Thatâs unfortunate, but shows that he, along with millions of others, does not understand the difference between price and value. What is Price? Price is what you pay for a given product or service. You buy a book that costs $14.95. Itâs cost is $14.95. You decide to have your car detailed before you sell it. This costs you $80. Itâs price is $80. Simple as that. What is Value? Value is what any given product or service is worth. If the book you bought inspires you to invent a new product that you sell for $50. Itâs value is $50 multiplied by the number of products you sell. If detailing your car encourages a buyer to spend an extra $500, the value of that service is not $80, but $500. Price is the amount you pay.
There must be something of value exchanged between the parties. The thing of value may be money or services, but both parties must give something (otherwise, it is a gift, not a contract). Competence. Both parties must be of sound mind to comprehend the seriousness of the situation and understand what is required.