What is a 'fair' price?

What is a 'fair' price?

Sam Bills (Manager) gives expert video advice on: How do I know if something is Fair Trade Certified?; What is the difference between 'Fair Trade' and 'ethical trading'?; Do Fair Trade goods cost more than comparable non-fair trade goods? and more...

A fair price is something that has to be established through openness and conversation. The basic idea is that a fair price is a price that something can be sustainably produced at; it should never drop below that, as has sometimes happened in different markets like the coffee market. A fair price is one that something can be sustainably produced at, so the workers are being paid fairly, that sustainable methods are used in production. And that kind of thing is not something that you can just set for someone. It is really something that requires conversation and openness, and it is going to be different in different contexts.