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What is Understanding Cost vs. Price about?

This document discusses the concepts of cost and price in construction cost estimation. It defines costs as expenditures required to achieve an objective, while defining price as the amount paid for goods or services. The document notes that while costs and prices are related, they refer to different concepts - costs being the actual expenditures, while prices represent the amount charged. It provides examples of cost elements like materials, labor, equipment for activities like preparing and cooking a stea

Author
kiki
Language
EN

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