difference between cost and price

cost - (үнэ өртөг, өртөг зардал, өртөг хөлс)Cost is how much it is to produce something and price is how much you will buy it for. For example the cost of making one teacup is 1 USD, but you will buy it in a store for the price of 15 USD.
1)  [countable, uncountable] the amount of money that you need in order to buy, make, or do                    something
           ---- I offered to pay the cost of the taxi.
           ---- the high/low cost of housing
           ---- A new computer system has been installed at a cost of$150,000.
2)  [uncountable, singular] the effort, loss, or damage that is involved in order to do or achieve                  something
           ---- the terrible cost of the war in death and suffering
           ---- the environmental cost of nuclear power
    
price - (үнэ, үнэ цэнэ, ханш)Cost is how much it is to produce something and price is how much you will buy it for. For example the cost of making one teacup is 1 USD, but you will buy it in a store for the price of 15 USD.
1) uncountable and countable] the amount of money you have to pay for something
        ---- House prices in this area are falling.
2) [singular] the unpleasant things that you must suffer in order to be successful, free etc
        ---- He's never at home, but that's the price of success.
        ----- The awful boat journey was a small price to pay for freedom.

The difference between cost and price?

• Cost is how much it is to produce something and price is how much you will buy it for. 
  For example the cost of making one teacup is 1 USD, but you will buy it in a store for the price of 15 USD.

• In plain english; Cost is what you pay for an item. (wholesale) 
  Price is what you sell the item for (retail).

• Cost is what you paid for it..... Price is what you sell it for....thats how it is in business....for the average person out means the same thing.

• “Price” and “cost” are often used interchangeably in normal conversation. However, the two terms have completely different meanings when applied in business or economics.
  

Difference Between Price and Cost

Price vs Cost

“Price” and “cost” are terms frequently mentioned in the context of sales. They are often used interchangeably in normal conversation, but in economics or business each term takes on a different meaning and must not be confused with the other.

Technically, “price” is defined as the actual amount of money that a client or consumer has to waive to acquire a certain product or service.  “Price” involves the future acquisition of the product or service if the consumer pays the said amount of money.

On the other hand, “cost” is known as the amount paid to produce a product or service before it is marketed or sold to its intended consumers. Looking at it in this context, “cost” implies the amount of money involved in production, marketing, and distribution. The term can also refer to the amount of money needed to maintain a product or a service.
Both “price” and “cost” involve the element of money, but the context where it is used is not at all the same.

“Price” refers to the money given to the seller for the product while “cost” involves the seller’s money to produce values. Cost can include labor, capital, materials, bills, salaries and wages of workers, and other transactions like marketing and distribution and shipping.

In the whole business process, “cost” comes first before “price.” In fact, the costs of putting up a product and the seller’s profit can be added to determine the price of a product or service. In economics, “price” is the point where the supply and demand meet. It also exemplifies the worth or value of the product or the service itself.

Both “price” and cost have different kinds and classifications. Price can be further classified as the selling price, transaction price, bid price, or buying price. On the other hand, “cost” can be classified as fixed cost, variable cost, or opportunity lost. The first two types of cost refer to operation costs in a production. Opportunity costs, meanwhile, do not necessarily refer to money but to opportunity for a business to profit.

In terms of value, costs are often lower compared to the price. As mentioned before, “price” is a combination of production costs and added profits for the seller. This means that the profit element adds some value into the price.
From a seller’s viewpoint, a cost is already money spent while the price is anticipated income as a method to regain back the costs made in production.