HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
wholesale price
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A quick definition of wholesale price:
Wholesale price: The price that a seller charges to a buyer who is buying a large quantity of a product. This price is usually lower than the retail price, which is the price that the seller charges to individual customers. Wholesale prices are often used by businesses to buy products in bulk and then sell them at a higher price to make a profit.
A more thorough explanation:
Definition: The price at which a product is sold in large quantities to retailers or other businesses, typically at a lower cost than the retail price.
Example: A manufacturer of t-shirts sells their products to a retail store for $5 per shirt. The retail store then sells the same t-shirts to customers for $15 each. The $5 price is the wholesale price, while the $15 price is the retail price.
The example illustrates how the wholesale price is the cost at which a product is sold to businesses that will then sell it to customers at a higher price. This allows the businesses to make a profit while still offering a competitive price to customers.