Final answer:
The order to buy a share at a specified price is called a Limit order, and it differs from a Market order as it only executes at or below the set price, without a guarantee of execution.
Step-by-step explanation:
The name of the order that you place to buy a share at a price you specify is a Limit order. This type of order allows you to set a maximum purchase price for the stocks you are interested in buying. Unlike a Market order, which executes a trade at the next available price, a Limit order will only execute if the stock's price falls to or below the price you have set, ensuring that you do not pay more than you are willing to. However, it's not guaranteed to execute if the stock never reaches your specified price.
A Limit order is a specific instruction to purchase a stock at a designated price or better. Unlike Market orders, which execute immediately at the prevailing market price, a Limit order ensures execution only at the specified price or better. However, there's no guarantee of execution if the market doesn't reach or surpass the set price. This order type provides control over the buying price but might not result in an immediate trade if the market doesn't meet the specified conditions.