1. What is simple difference between price and cost or is price belongs to goods and cost belong to services?

1. What is simple difference between price and cost or is price belongs to goods and cost belong to services?
From a seller's perspective: Price is what you sell something for, cost is what you paid for it or what it cost to produce it. The difference is referred to as margin or gross profit.


From a buyer's perspective: Price is what you initially pay for an item. Cost is what it takes to maintain the item until it reaches the end of its useful life.