Cost Meaning and Definition
Cost
Pronunciation
/kɒst/
Part of Speech
Noun
Definition
A cost is the amount of money or resources required to produce, maintain, or acquire something, including expenses, investments, and losses.
Examples
1. “The cost of the project exceeded the initial estimate by 20%.”
2. “The company incurred significant costs due to the recall of the defective product.”
Synonyms
1. Expense
2. Charge
Antonyms
1. Profit
2. Savings
Additional Information
Costs can be direct or indirect, fixed or variable, and can be influenced by various factors such as market conditions, production processes, and regulatory requirements.
Understanding costs is crucial for businesses to make informed decisions about pricing, resource allocation, and investment.
Costs can also be categorized into different types, including production costs, distribution costs, marketing costs, and research and development costs.
Effective cost management is essential for achieving business goals and maintaining competitiveness in the market.
Costs can be measured and analyzed using various techniques, including cost accounting, cost analysis, and cost-benefit analysis.
Accurate cost estimation and forecasting are critical for businesses to make informed decisions about resource allocation and investment.
Costs can also be influenced by external factors such as inflation, currency fluctuations, and changes in market conditions.
Effective cost management requires a thorough understanding of cost concepts, principles, and techniques.
Etymology
The word ‘cost’ originated from the Old French word ‘coste,’ which means ‘expense’ or ‘charge.’
The word ‘cost’ has evolved over time to encompass various aspects of business and economics, including production costs, marketing costs, and research and development costs.
Usage Notes
The word ‘cost’ is often used in the context of business and economics to refer to the amount of money or resources required to produce, maintain, or acquire something.
The word ‘cost’ can also be used in everyday language to refer to the amount of money or resources required to purchase or maintain something.
The word ‘cost’ can be used in different tenses, including past tense (‘costed’), present tense (‘costs’), and future tense (‘will cost’).
Cultural References
The word ‘cost’ has been featured in various books, films, and TV shows, including “The Cost of Living” by Deborah Levy and “The Cost of Loving” by Nicholas Sparks.
The word ‘cost’ has also been used in various song titles, including “The Cost of Living” by The Wonder Stuff and “The Cost of Being Cool” by 10,000 Maniacs.
Idiomatic Expressions or Phrases
1. “Cost of living”
2. “Cost of doing business”
3. “Cost of entry”
4. “Cost of exit”
Collocations
1. “Production costs “
2. “Marketing costs “
3. “Research and development costs “
4. “Distribution costs “
Frequency of Use
The word ‘cost’ is a common term in business and economics, and is widely used in various contexts.
According to the Corpus of Contemporary American English, the word ‘cost’ appears in 1.3% of all written English texts.
Common Misspellings
1. “Coust”
2. “Coste”
3. “Coost”