Example for option 1:
Combobox to select product. Combobox settings:
Name: cbxProduct
RowSource: SELECT ProdID, ProdName, ProdPrice FROM Products ORDER BY ProdName;
ControlSource: Product
BoundColumn: 1
ColumnCount: 3
ColumnWidths: 0;1;0.25
VBA code in combobox AfterUpdate event:
Me!Price = Me.cbxProduct.Column(2)