ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Comparison Chart. Price is the amount paid for acquiring any product or service.

Detailed explanation-2: -Price is the exchange value of goods or services in terms of money. Price of a product or service is-what the seller feels it worth, in terms of money, to the buyer.

Detailed explanation-3: -Cost price is the price a retailer paid for the product. The profit margin is a percentage of the cost price. Let’s define the key elements in the formula. Profit Margin: A percentage of the cost price.

Detailed explanation-4: -The amount that is spent by the manufacturer to produce goods or services before any profit is added for the producer or the amount at which a good is bought/purchased before selling it to the customer is called cost price. Cost price is also known as CP. It is the original price of any product.

Detailed explanation-5: -Price: The amount of money paid by customers to purchase the product.