A "cab fare" is the technical term for the financial charge a passenger pays for a journey in a taxicab. Specifically, the amount is usually calculated by a "taximeter" (or just "meter"), which measures both distance and time. In formal or legal contexts, it is simply referred to as the Taxi Fare. The fare typically consists of a "base rate" or "flag drop" (the initial fee just for starting the ride), a "distance rate" (price per mile or kilometer), and often a "waiting time" rate for when the vehicle is stuck in traffic. In the modern era of ride-sharing, this has evolved into "upfront pricing" or "surge pricing," but for traditional street-hail taxis, the term "fare" specifically denotes the legally regulated price set by the local taxi authority to ensure transparency and prevent overcharging.