Cost and price both relate to money, but one is what the seller charges and the other can be broader than money.
Cost can mean the amount you pay, or the resources needed to make or do something.
cost full definition →
Price specifically means the amount of money a seller asks for a product or service.
price full definition →
| cost | price | |
|---|---|---|
| Can be non-money? | Yes, cost can mean time or effort too | No, price is always about money |
| Who sets it | Often the market or the effort involved | Set directly by the seller |
| Simple test | "the cost of the project" could include time and effort | "the price of the ticket" is a specific number |
Price is always a specific amount of money set by a seller. Cost is broader, and can include money, time, or effort.
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