The term "price range" refers to the span of prices for a particular product or service. It indicates the lowest and highest prices available in the market, helping consumers understand what they might expect to pay. For example, if a smartphone has a price range of $300 to $1,000, it means that the cheapest option costs $300, while the most expensive one costs $1,000. Price ranges can vary based on factors such as brand, features, and quality. They are useful for budgeting and comparing different options. Knowing the price range of items like clothing or electronics can assist shoppers in making informed purchasing decisions.