Cost

Cost refers to the amount of money or resources required to produce, acquire, or achieve something. It includes expenses like materials, labor, and overhead that are necessary to complete a product, service, or project. Costs can be fixed (unchanging regardless of output) or variable (changing with the level of activity). Understanding costs helps organizations make informed decisions about pricing, budgeting, and resource allocation to ensure sustainability and profitability. Essentially, cost is the price paid to bring an idea or product into existence or use.