This article considers the terms of cost and price of goods in modern economy. The authors suggest considering formation of cost and price of a good as a process which runs through four phases of public production. In production price the authors include coefficient which corrects a prices in accordance with consumers’ preferences. The consumer cost is primary, and it foregoes exchange cost, and it is a substrate, the carrier of the last one. That is why the basics for pricing in modern economy are expenditures for production and its need, set by market. On the market we see correction of prices but not deviation. The authors believe that the drawback of classic economic theory is identification with two different terms: «public-need work time» and «expenditures of public-need labor». Giving the term for the first one, classic economists extrapolate it on the second place; that fact causes all the collisions connected with inadequate reflection of labor theory of cost. This article provides authors’ specifying formula of a good’s price and a mechanism of pricing in modern market economy