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Old 06-17-2006, 03:45 AM   #1
dthomsen8
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Default Price or cost?

Price or cost? Or the plurals, prices or costs? What is the difference?

To me, the numbers I see in the paper or the web with a $ sign (or other currency symbol) offering to sell me items or a services are prices.

If I have a business selling items or services, the prices I pay for the items or services are my costs, and what I ask for the items or services are my prices.

The difference, my prices less my costs, are my profits, or maybe my losses.

What annoyed me enough to post a new thread here is the use of the word "costs" for what are, to me, just prices.

Dictionary definitions did not help me in making this distinction, so I am placing it before this forum for comment.
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Old 06-17-2006, 04:22 AM   #2
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To me, price is a number; cost is how it affects you or your operation.

   
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Old 06-17-2006, 08:42 AM   #3
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Price gives the impression that the seller is willing to trade, and will discuss a discount. Cost seems more concrete, you have agreed to pay the price. In fact the law says that prices in a shop window are merely an invitation to trade, and the price at the counter could be different either way. The book Undercover Economics has a concept of Price Targetting. Regular coffee in the coffee shop costs, say 1 UKPfor a cost-to-make of 60p. Whereas Mocha which costs about 10 pence more to make costs 2.40 UKP for those that want to pay for the gloss.

   
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Old 06-17-2006, 09:31 AM   #4
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I think they are very blurred - the price can be the target selling price or what you paid for it.
"How much does it cost ", or "what is the price" are now the same - it is the same after u bought it , People will say "how much did u pay for it" or "what did it cost u"
WE also have the same in the print Industry over Estimate and Quotation - both mean a fixed price
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Old 06-17-2006, 01:38 PM   #5
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But you and Richard are mixing nouns and verbs. The question was about the nouns "price" and "cost". It's a little different when you start talking about the verbs.

   
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Old 06-17-2006, 01:30 PM   #6
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Quote:
To me, the numbers I see in the paper or the web with a $ sign (or other currency symbol) offering to sell me items or a services are prices.
I agree with you. IMO "prices" are what is on the "price tag" or "price list", what's listed in the catalog for specific items. "Cost", as a noun anyway, tends to be used a bit more generally. For example, someone would probably say, "What is the price of this baseball cap?" and the answer would be, "$XX.XX." Whereas you'd likely say, "What is the cost of a baseball cap?" and the answer would be, "It depends ... maybe around $XX.XX." Here in the U.S., anyhow. Also you'd much more likely hear "the cost of doing business" but "the price of eggs".

   
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Old 06-21-2006, 04:34 PM   #7
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Default Cost control or Price control?

There are frequent demands for healthcare cost controls, when what really is sought is some form of healthcare price controls, or healthcare insurance price controls. The demands are not to somehow control the costs that make healthcare and healthcare insurance prices rise, but to control the prices.

The same goes for proposals to legally import prescription drugs from Canada. What would really be imported are the drug price controls that Canada imposes, and the U.S. does not.

No government has ever succeeded in imposing price or wage controls without encountering unintended consequences, such as black markets or shortages.
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