What is the difference between cost and price?

When cost and price refer to an amount we pay for something, they are virtually interchangeable. For example, the phrase the total cost is $27 is the same as the total price is $27. You can also say, we couldn’t afford the cost of a new car or the price of a new car. As verbs, cost and price do not function the same, however.

What is an example of a synonym for price?

Synonyms for price include amount, cost, expenditure, expense, and pay. When cost and price refer to an amount we pay for something, they are virtually interchangeable. For example, the phrase the total cost is $27 is the same as the total price is $27. You can also say, we couldn’t afford the cost of a new car or the price of a new car.

What is the price of a product or service?

The price of a product or service is the outcome of a sophisticated series of computations, study and research, and risk-taking skills. A pricing strategy considers, among other things, segmentation, ability to pay, market conditions, competitor activities, trade margins, and input costs.

What is the price of an item called?

The price of an item is also referred to as the price point, particularly when referring to businesses that have a restricted number of pricing points. For example, a general shop that only charges even sums, such as one, two, or ten dollars. Other stores have a policy of finishing the majority of their pricing with 99 cents or pence.