Uptade the value of a field based on the selected look up record

Uptade the value of a field based on the selected look up record

Hi,

Could you let me now how to "copy" the value of a field depending on the look up field record selected?

For example: in the "Products" module, I have a record called "Product 1" with the price field set as $1,000.00
and then I add a new Deal with a contact and a product involved, which both are lookup field. So if I select "Product 1" from the ´Product´ look up field in the Deals module, I would like to automaticaly update the Price field to $1,000.00 in the new Deal record.

How can I make that hapend?