You can buy a business suit by George at Asda for ￡29. It will be practical; ready to wear, polyester blended, machine washable. You can pay 10 times as much at Marks and Spencer for Italian tailoring and good quality wool fabric. And you can pay 10 times as much again for a bespoke suit from Savile Row. You need to decide whether you want a stylish suit, or just a suit; a customised suit, or just a good-looking suit. You need not pay much for a suit but you will pay a lot for style, and a lot more for personalisation.

You – or your government or insurer – will pay a pound or two for a pill and many times that for a specialist drug, such as a modern cancer treatment. Generally, the ingredients will cost a few pence at most. You might pay up to ￡10m for an aircraft engine, which would fit in a box the size of a small sofa. You are not paying for the materials.

The rear cover of the iPhone tells you it is designed in California and assembled in China. The phone sells, in the absence of carrier subsidy, for about $700. Purchased components – clever pieces of design such as the tiny flash drive and the small but high-performing camera – may account for as much as $200 of this. The largest supplier of parts is Samsung, Apple’s principal rival in the smartphone market. “Assembled in China” costs about $20. The balance represents the return to “designed in California”, which is why Apple is such a profitable company.