How do you price handmade items that are of wood, metal, cardboard, metal or metal alloy? The traditional pricing for handmade items uses a price per unit (the units used range from 1 gram in the United States to about 500gm of gold in the Roman Empire). The price per unit of such a product must be a reasonable estimate of the intrinsic value of the product. So the price per unit must be based on a reasonable estimate of the product’s intrinsic value rather than the total cost of production. Most of the above prices are based on a price per item. It will be convenient to use the units of weights and measures commonly used to price various items to calculate the price per unit. Many of the above prices for items that are made with metal, metal alloy, or some other material are made using units usually specified as ounces and grams and sometimes as ounces and pounds of gold or silver.
Is it true that we don’t value our time correctly? And the same goes for our money?
Time obviously can be of different value to different people, depending on the type of work or activity. For some people, time is much less valuable than money. They may not even realize how much it feels when one is working long hours that they feel they earn little or no money for. For other people the value is different. They might consider time a valuable and valuable right, and money a valuable and valuable wrong. The difference is that it can be very difficult to compare the values. To compare this sort of value is extremely difficult, because most people have very different notions of the value of different time and money. When you do try you will surely realize the difficulty. But, the more people you can compare this type of value with the better you will get at comparing it with any other sort of value.
How do you estimate intrinsic value of an item?
The main factors that might be used in estimating an item’s intrinsic value are: How much of the item is new? How much is used to make the item? What is the process used to make the item? How long it takes to make the item?
How much of an item can be converted to another (for example, metal from metal alloy for a modern item) or from gold or silver for a medieval item?
How much of an item is a new creation of the craftsman?
What is new about the item? Do you know what is different about the item that makes the item new?
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