How to use "cost" and "price"?

What is the difference between cost and price please? This is my teacher's question. Thank you very much.
11 years ago
Asked 11 years ago

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- We use "cost" to express the amount of money asked or paid for a thing and to the amount spent in introducing or manufacturing a commodity

Example: The cost of living (not the price of living) is higher in Japan than in China.

- We use "price" to express the amount of money needed to purchase something

Example: What is the price of gasoline?

Another examples:

- the production cost (not the production price)

- Prices keep going up (not costs)

- Price is a noun, cost is a verb

- The price of this shirt is 50 USD - What does this shirt cost? (not what does this shirt price?)

Answered 11 years ago

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