Elaine was known for being especially frugal. In fact, it was not out of the question for her to commute nearly 45 minutes just to save a few dollars on a packet of cigarettes. Elaine perceived price as for a good or service, while most consumers recognize price as the made to acquire a good or service.

The money paid; overall sacrifice

Explanation:

Price: It refers to the amount of money paid to acquire a specific quantity of goods and services. It is also a measure of value.

Price to some consumer is the overall sacrifice made to acquire a product. It is the money paid in exchange for a Commodity.

Prices can be affected by demand or supply of goods.

If the demand for a product is higher than its supply, then price of the product will increase.

If the supply of a product is higher than its demand, then price of the product will fall.

Demand is the amount of goods and individual is willing to buy at a particular price over a period of time. Consumers tend to maximize utility by buying more quantity of a product at a lower price.

Supply is the amount of goods and services a producer is willing to sell at a particular price over a given period.

Producers tend to maximize Profit by selling more quantity of goods at a higher price.

Price is the major determinant of how much to demand and how much to supply at a point in time.

Elaine was known for being especially frugal. In fact, it was not out of the question for her to commute nearly 45 minutes just to save a few dollars on a packet of cigarettes. Elaine perceived price as the money paid for a good or service, while most consumers recognize price as the overall sacrifices made to acquire a good or service.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.