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Won't boot, just world symbol, then folder with question mark?

Hi,

When I turn my iMac on, all I get is a world where the apple should be, and then a folder with a question mark in it. Is this easy/cheap to repair, and if not, how much will it be??

Thanks, Red

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crwdns2889612:0crwdne2889612:0 -1
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This means that your computer cannot find the startup disk, to see if you're drive is bad, boot while holding down option, if you cannot boot to the disk then you have a bad hard drive, and it must be replaced, you can get a new one here, and if you need to run data recovery use datarescue.

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reformat with disk utility on another mac (target)

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red crwdns2934231:0crwdne2934231:0
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