Whois & Analysis for intheswim.com

In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services.

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore.

In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost.

In this case, money is the input that is gone in order to acquire the thing.

This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer.

Usually, the price also includes a mark-up for profit over the cost of production.

In microeconomics, supply and demand is an economic model of price determination in a market.

It postulates that in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.

In marketing, a product is anything that can be offered to a market that might satisfy a want or need.

In retailing, products are called merchandise.

In manufacturing, products are bought as raw materials and sold as finished goods.

A service is another common product type.

In business, engineering and manufacturing, quality has a pragmatic interpretation as the non-inferiority or superiority of something; it's also defined as fitness for purpose.

Quality is a perceptual, conditional, and somewhat subjective attribute and may be understood differently by different people.

Consumers may focus on the specification quality of a product/service, or how it compares to competitors in the marketplace.

Producers might measure the conformance quality, or degree to which the product/service was produced correctly.