What 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 is the amount of money that a buyer must pay to acquire a specific good or service and reflects the current market value based on supply and demand dynamics. It is a concrete figure that consumers see and interact with in the marketplace.

Cost, while related, refers to the amount incurred by a producer to produce or acquire a good or service, which may not directly mirror the price at which it is sold. Value often represents a broader concept that includes the perceived worth of a good or service based on various factors, such as utility and consumer satisfaction. Worth generally conveys a subjective appraisal of how much something is believed to be valuable or significant, which can vary from person to person. Therefore, in a marketing context, identifying "price" is essential when discussing the specific monetary amount exchanged in a transaction.