Which term describes the monetary value assigned to a good or service?

The term that describes the monetary value assigned to a good or service is "Price." Price represents the amount of money that a buyer is willing to pay for a product and is a key factor in the marketplace, influencing consumer behavior and purchasing decisions. It is established through various means, including market demand, competition, and production costs. When determining price, businesses consider factors such as the perceived value of the product, their target market, and the pricing strategies they choose to employ, such as penetration pricing or skimming.

In comparison, cost refers to the expense incurred by the producer to create a product, value often relates to the consumer's perception of the product's worth, and expense typically refers to ongoing costs an organization incurs in its operation. Thus, price is directly tied to the transaction between buyer and seller, making it the appropriate term for the monetary value assigned to goods and services.