What is the difference between “cost” and “Price” ?

Although for most laymen both cost and price seem to convey the same meaning, in reality these tow are different from each other. The cost of a thing is the amount spend on making it. It does not include profit. the price of a thing is the amount at which it is offered for sale.

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Generally, it includes profit. A price tag is label on which the price of commodity on sale is indicted. Sometimes a thing that costs practically nothing may fetch a high price because of scarcity of the commodity. Also, sometimes an article may be sold below the cost of its production.

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