Cost, price, and value are all related concepts in economics, but they have different meanings.
Cost refers to the amount of resources, including money, time, and labor, that are required to produce a good or service. The cost of a good or service may include the cost of raw materials, labor, and other expenses incurred in the production process.
Price is the amount of money that is charged for a good or service. The price of a good or service is determined by a variety of factors, including the cost of production, the level of competition in the market, and the demand for the product.
Value, on the other hand, refers to the worth or importance of a good or service to an individual or society. The value of a good or service can be subjective and may differ from person to person. For example, one person may place a high value on a rare collectible, while another person may not see the same value in it.
In essence, cost is the resources that go into producing a good or service, price is the amount of money charged for it, and value is the worth or importance of the good or service to an individual or society. Til next time, good business sells itself…..#peace
Entreprenuershit 