A Standard Lot is the position size or number of units of a currency that can be traded. A standard lot is and is 100 times the size of a micro lot and 10 times the size of a mini lot. A standard lot is equal to 100,000 units of the base currency to be traded. The pip size for trading 1 standard lot if trading EUR/USD for example would be $10.
The formula for working out the pip value for EUR/USD with an exchange rate of 1.1950:
(0.0001 / 1.1950) X 100,000 = 8.38 x 1.1960 = $9.99734 rounded up will be $10 per pip.