Greetings @lovinah

1.- As you have defined it, costs correspond to the investments made to produce a product or provide a service. This is of great importance for the proper pricing and thus obtain the desired profitability levels.

2.- You have established the difference between costs and expenses, highlighting that the latter are only for the operation of the business and are not related to production, while costs are linked to the production process.

3.- You have shared with us the importance of costs for the profitability of a business, and how a good management of them can help to have a solid business.

4.- You have explained roughly the elements you consider for cost calculation. We would have liked to see an example through a calculation table to determine the cost of a product or service.

Below I share the summary of the evaluation.

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