The sectoral production price: Sectoral Price is equivalent to the average cost price and the average profit rate on the production capital which may be applied to the output of any commodity which has been produced (Nelson, 2012). This is the actual price for production which reflects the average returns of the producers.
The economic production price: The economic production price is equivalent of the average cost price and average profit rate of the output during the point of sale to the final customer, which includes the costs which has been occurred at different enterprises who are the part of the production.
Inter Sectoral Production Price: This price may be referred to as the sale of the output of the producer’s price which can reflect on the profit rate of the quantity of capital which is applied to different sectors.
Thus, this notion aims at the fact that an object gains importance and becomes a commodity and is treated as a value only if the price of the commodity is accurate.
Subjective Theory of Value
It is a theory which determines that the value of the goods can’t be determined by any specific inherent property of the product. Instead, they are determined by the importance which the individuals give to the product.
Potlatch Concept :
Potlatch is an important concept for the purpose of discussion related to the price such that the economies are marked by the processes involving competitive exchanges of gifts, in which the gift-givers gives important gifts in order to capture important and powerful political and social roles. The gift items may include different things.