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    #1

    cost vs price

    1) What's the price of this mobile phone?
    2) What's the cost of this mobile phone?

    Can someone please tell me the difference between the above two sentences? What's the natural way of asking how much an item costs?

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    #2

    Re: cost vs price

    Quote Originally Posted by daemon99 View Post
    1) What's the price of this mobile phone?
    2) What's the cost of this mobile phone?

    Can someone please tell me the difference between the above two sentences? What's the natural way of asking how much an item costs?
    The two terms are typically accepted as interchangeable, but they are, in fact, two different things:

    If I am a manufacturer, it will COST me a certain amount of money produce a phone (materials, labor, packaging, etc.).

    In order to make a profit, I sell the phone to a dealer or distributor at a PRICE higher than my cost.

    In turn, the manufacturer's PRICE becomes the dealer/distributor's COST. The dealer then turns around and sells it to the consumer for a still higher PRICE.

    Bottom line: it depends on your position in the transaction. From the purchaser's point of view, it is a cost; for the seller, the same amount is a price.

    You ask a dealer, "What is the price?" Someone else asks you, "What did it cost?"

    Matt

    Not a teacher, but I did stay at a Holiday Inn Express last night (actually, I spent nearly twenty years in a Federal purchasing office).
    Last edited by mfwills; 14-Apr-2009 at 14:14. Reason: further clarification


    • Join Date: Nov 2007
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    #3

    Re: cost vs price

    'price' is the amount of money expected, required by the seller. The seller puts the 'price ticket' on the item for sale.

    'cost' is the amount that you have to pay to buy or obtain something.

    Some items don't have 'price tickets' e.g. a plumber tells you your faulty boiler needs a new Flanger Valve. You're first reaction is to ask, "How much will that cost?", not, "What's the price of that?"

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