Definition
An amount that has to be paid or given up in order to get something.
In business, cost is usually a monetary valuation of (1) effort, (2) material, (3) resources, (4) time and utilities consumed, (5) risks incurred, and (6) opportunity forgone in production and delivery of a good or service. All expenses are costs, but not all costs (such as those incurred in acquisition of an income-generating asset) are expenses.
Articles related to 'cost'
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Locking In Customers
Customer lock-in (that is, their cost to switch to another provider) is an important concept in business. If lock-in is low you're less likely to be able to retain the customer, but if lock-in is thou ... Read more
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Questions related to 'cost'
- Describe other possible approaches to the problem of analyzing cost behavior.
- is cost unit like cost for individual products for eg if u manufacturing rum then sugar is one of the ingredient or raw material that has a cost
- What are some of the pros and cons between cost savings and cost avoidance?
- what is the difference between opportunity cost and marginal rate of substitution?
- In looking at construction costs, which method favors the consumer â cost based pricing or turnkey?
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