Set Price: Definition, Meaning, and Origin

Last Updated on
June 23, 2023

The idiom "set price" refers to an item or service's established, fixed cost, typically non-negotiable. The notion of a set price is universal across industries, spanning retail to real estate. It's a crucial component of commerce, facilitating straightforward, fair transactions between buyers and sellers.

In short:

The idiom "set price" pertains to the predetermined cost of an item or service, typically not subject to negotiation.

What Does "Set Price" Mean?

"Set price" embodies the essence of fair commerce. It implies that a specific cost has been predetermined for a good or service, offering clarity for potential customers. This pricing model ensures that all customers pay the same amount for the same product or service, promoting fairness and transparency. With the "set price" model, businesses can streamline their transactions, reduce confusion, and maintain fair practices. Meanwhile, customers enjoy a straightforward purchasing experience.

Key aspects of the idiom's meaning include:

  • A predetermined cost for a product or service.
  • A non-negotiable price.
  • A universal cost for all customers.

Where Does "Set Price" Come From?

The concept of a "set price" originated with the dawn of commerce when goods and services first began to be exchanged. The evolution of marketplaces and monetary systems necessitated the creation of a system where prices were predetermined. While the exact origins of the term "set price" as an idiomatic expression are not clear, its use in everyday language developed over time, just as the concept it represents did.

Historical Context

"The higgling and bargaining of the market, according to Smith, establishes exactly the equilibrium price, the "set price," the "natural price," as he variously calls it, or the price which is sufficient to pay the rent of the land, the wages of the labor, and the profit of the stock employed in raising, manufacturing, and bringing it to market, according to their natural rates."

-(Adam Smith, The Wealth of Nations, 1776)

10 Examples of "Set Price" in Sentences

Understanding "set price" becomes clearer when contextualized within different sentences:

  • They bought the house at a set price without any negotiations.
  • The company decided to set the price of its new product in line with market trends to ensure competitiveness and maximize profit.
  • Despite my attempts to bargain, the shopkeeper insisted on the set price.
  • When the entrepreneur presented the set price for their innovative product, they eloquently described its features, waxing poetic about its transformative capabilities.
  • Our restaurant offers a buffet at a set price.
  • The set price of the online course is non-refundable.
  • The set price for the concert tickets was exorbitant, but the unforgettable experience of seeing my favorite band perform live made it worth every penny.
  • The manufacturer suggested a set price for the new product.
  • The company decided to set a price for their new product, and once they launched it, the sales skyrocketed, proving that they had found the perfect way to go.
  • The publisher determines the set price for each book.

Examples of "Set Price" in Pop Culture

The idiom "set price" has found its way into popular culture, appearing in various mediums:

  • In the TV show The Office, Dwight insists on selling Princess Unicorn dolls at a set price to the highest bidder.
  • In the film Glengarry Glen Ross, the salesmen are often seen discussing the set price of real estate properties.
  • Beatles' song "Can't Buy Me Love" indirectly references the idea of a set price for love.
  • In the movie Trading Places, the protagonists manipulate the set price of orange juice stock futures.
  • In the book The Great Gatsby, Gatsby's extravagant parties involve catering services at a set price.
  • The TV show Mad Men regularly discusses the set price of advertising slots.
  • In the film The Wolf of Wall Street, the protagonist sells penny stocks at a set price.
  • The novel The Catcher in the Rye has Holden Caulfield lamenting over the set price of life necessities.

Other Ways to Say "Set Price"

There are several alternative expressions that convey a similar meaning to "set price."

Some of these include:

  • The fixed cost of the item deterred many potential buyers.
  • The established price of the product was beyond my budget.
  • The stipulated price for the service was quite reasonable.
  • The predetermined cost of the concert ticket was worth the experience.
  • The standard rate for the repair job seemed fair.
  • The uniform price of the buffet was attractive to customers.
  • The set fee for the online course discouraged some students.
  • The specified rate for the consultation was acceptable.
  • The decided price for the charity event ticket was steep.
  • The determined cost of the seminar was deemed fair by attendees.

10 Frequently Asked Questions About "Set Price"

  • What is the meaning of "set price"?

The idiom "set price" refers to the fixed, non-negotiable cost of a product or service.

  • What is the origin of "set price"?

"Set price" has roots in early commerce, where fixed costs for goods and services were established for fair trade.

  • Is "set price" used in different contexts?

Yes, "set price" is used across different contexts, such as retail, real estate, services, and even cultural expressions.

  • Are there synonyms for "set price"?

Yes, similar phrases include "fixed cost," "established price," "predetermined cost," and "standard rate."

  • Is "set price" a global concept?

Yes, the concept of a "set price" is universal in commerce around the world.

  • Can a "set price" be negotiated?

Typically, a "set price" is non-negotiable, though exceptions may exist depending on the situation or business.

  • Is "set price" a modern concept?

No, the concept of a "set price" has ancient origins and has evolved over time.

  • What role does "set price" play in business?

"Set price" promotes transparency and fairness in business transactions, providing a clear understanding of the cost of a good or service.

  • How does "set price" benefit consumers?

A "set price" provides consumers with a clear understanding of what they will pay for a product or service, eliminating the need for negotiation and ensuring fairness.

  • Can "set price" vary across industries?

While the concept remains the same, the actual "set price" of a product or service can vary widely depending on the industry.

Final Thoughts About "Set Price"

The idiom "Set price" is used in commerce, impacting businesses and consumers alike. Its significance lies in its ability to establish a clear, non-negotiable cost for a good or service, promoting fairness, transparency, and simplicity in transactions. As societies continue to evolve, the concept of a "set price" remains a consistent aspect of commerce, fostering a universal understanding of trade.

Key aspects of the phrase "set price":

  • "Set price" refers to a good or service's fixed, non-negotiable cost.
  • It's a universal concept in commerce, providing clarity and fairness in transactions.
  • The idiom has a broad application, appearing in various contexts, from everyday conversations to popular culture.

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