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# Nominal Price of Commodities

## Definition

The price of commodities expressed in monetary terms rather than in the quantity of labour required to acquire them. This represents the conventional market price measured in currency rather than the underlying real value.

## Source Chapter

Book I, Chapter 5

## Context

Smith contrasts nominal price with real price, explaining that while labour is the true measure of value, people commonly estimate prices in money because it is more convenient and easier to understand than abstract labour measures.

## Economic Domain

Exchange

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