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This analysis explores the differences between cost, value, and price in scientific publication, highlighting their impact on economic transactions.
We have a tendency to be sloppy about language in everyday usage, so that words like "cost", "value" and "price" are used more or less interchangeably. But economists will tell you that the words have distinct meanings, and picking them apart is crucial to understand economic transaction.
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Mike Taylor (2021) studied this question.
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