What term refers to the amount customers pay for a product or service?

The term that refers to the amount customers pay for a product or service is "price." Price represents the monetary value assigned to a product or service, which consumers are willing to pay in exchange for it. It is a critical component of marketing and sales strategies, as it can influence consumer demand and perceptions of value.

Other terms such as "value," "cost," and "expense" have different meanings in a business context. Value generally refers to the perceived benefit or worth that a customer associates with a product or service, which can be subjective and varies based on individual preferences. Cost relates to the expense incurred by a business to produce a product or service, including materials and labor, while expense typically refers to the operational costs a business faces in running its activities. Understanding these distinctions helps clarify how price fits within the broader concepts of business finance and economics.