cost

  

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.


Use cost in a sentence

  • Before I went on the trip, I wanted to know what it would cost me, in order to see if I could afford it.

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  • When trying to decide how much profit you can make for your product setting the right cost can be the key.

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  • We had to conduct a cost versus benefit analysis regarding the proposition between the new business partner and our investors to make the best decision possible.

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