"Cost" is the money and/or resources required for an expense, while a "price" is the money required to purchase a good or service.
Example sentences
Cost as a noun
The cost of solar panels went up recently.
The scholarships did not cover the cost of room and board.
The cost of manufacturing a neon version of the shirt was too high.
She wanted to avoid running into her professor at all costs.
Note that “cost” as a noun can be used to mean monetary costs like the first three examples or figurative costs like the fourth example.
Cost as a verb
That computer costs $1,000 before tax.
The copyright infringement cost the company $1.2 million dollars.
The legal fees will cost you.
His clumsiness cost him his life.
“Cost” as a verb can also mean monetary costs like the first three examples above or figurative costs like the fourth example.
Price as a noun
What is the price of a 30-minute massage?
I didn’t know the price of the shoes until I went to the cashier.
Hiring a dietician is well worth the price.
She paid the price for lying when she lost her best friend.
Unlike “cost,” “price” typically means monetary costs as in the first three examples above but can still express a figurative price as in the fourth example sentence.
Price as a verb
These earrings are priced at $100 a pair.
The different colors are priced differently.
The second-hand handbag could be priced anywhere from $1,000 to $10,000.
The store owner priced this watch higher when it was popular.
“Price” as a verb primarily indicates monetary costs as in the examples above.
Although there are sentences in which the two can be used interchangeably, “price” is typically limited to monetary costs while “cost” is broader and can encompass monetary or figurative costs.
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