This code worked- 
<aura:component >
    
    <aura:attribute name="item" type="Camping_Item__c" required="True" />
    
    <p>Name:
        <ui:outputText value="{!v.item.Name}"/></p>
    
    <p> Price:
        <lightning:formattedNumber value="{!v.item.Price__c}" style="currency"/>   </p> 
    <p>Quantity:
        <lightning:formattedNumber value="{!v.item.Quantity__c}" style="number"/></p>
    <p> 
        <lightning:input type="toggle" label="Packed?" checked="{!v.item.Packed__c}"/> </p>
        
</aura:component>