When managing purchases, shopping for groceries, or analyzing bulk deals, you may wonder: What is the cost of one piece within the package? Simply put, the price of a single item within a group of items is known as the ______________ of the item. — commonly referred to as the unit price.
Understanding this concept is key to making informed financial decisions. Whether you’re a consumer or a business owner, this knowledge can help you spend more wisely.
Profile Biographie Table: Unit Price
| Term | Explanation |
| Full Phrase | The price of a single item within a group of items is known as the unit price |
| Common Name | Unit Price |
| Mathematical Formula | Total Price ÷ Number of Items |
| Purpose | To determine the value of one item from a bulk or grouped purchase |
| Industries Using It | Retail, Wholesale, Supply Chain, E-commerce |
| Practical Example | $5 for 10 pencils → Unit price = $0.50 per pencil |
| Other Terms | Cost per item, Per-unit cost, Per-item rate |
What Does This Phrase Mean?
Let’s break it down. The price of a single item within a group of items is known as the ______________ of the item., and that blank is typically filled with unit price. It represents how much you pay for each item when buying in quantity.
Why Is Unit Price Important?
Understanding that the price of a single item within a group of items is known as the ______________ of the item. enables smart comparisons. For example, comparing a 6-pack of soda to a 12-pack lets you evaluate the real cost of one can in each set — regardless of the package size or brand.
How to Calculate It
Use this formula:
Unit Price = Total Price ÷ Number of Items
This helps confirm that the price of a single item within a group of items is known as the ______________ of the item., and you can measure it easily using simple math.
Real-Life Shopping Example
Suppose a store offers:
- 8 rolls of toilet paper for $6
- 12 rolls for $8
Let’s calculate:
- First pack: $6 ÷ 8 = $0.75 per roll
- Second pack: $8 ÷ 12 = $0.67 per roll
Now it’s clear which is cheaper — because you know the price of a single item within a group of items is known as the ______________ of the item.
Online Retail and Unit Price Tags
E-commerce platforms like Amazon, Walmart, and Target often display unit price below the total price. This is because shoppers want transparency. As mentioned earlier, the price of a single item within a group of items is known as the ______________ of the item., and retailers know this is a valuable comparison tool.
Mistakes to Avoid
When dealing with bulk pricing, don’t:
- Compare items with different measurement units (e.g., per ounce vs. per gram)
- Forget to check the quantity or volume
- Ignore that the prices of a single item within a group of items is known as the ______________ of the items.
Advantages for Businesses
Businesses also benefit from knowing that the prices of a single item within a group of items is known as the ______________ of the items. It helps with:
- Cost forecasting
- Bulk inventory analysis
- Setting competitive pricing
- Supplier negotiations
Summary
To make informed buying decisions, remember this:
The price of a single item within a group of items is known as the ______________ of the item. Whether you’re shopping for groceries or managing procurement, understanding unit price helps you evaluate true value.
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FAQs
It refers to the unit price, which is the cost of one item within a bulk or grouped purchase.
Use it every time you’re comparing multi-pack or grouped items. It gives you a clearer picture of the best deal.
Yes, but verify it using the formula: total price ÷ quantity. Stores may round off numbers slightly.
Not always! That’s why it’s smart to check — because the price of a single item within a group of items is known as the ______________ of the item, and it tells you the real cost.
Because it helps you stretch your money. You avoid overpaying when you understand the price of a single item within a group of items is known as the ______________ of the item.