Definition, Meaning & Synonyms
input-cost
Noun
/ˈɪnˌpʊt kɔst/
Definition
Input cost refers to the expenditures incurred on the resources that are used in the production of goods or services. This includes costs for raw materials, labor, and capital used in the manufacturing process.
Examples
- The input-cost for producing smartphones has increased due to rising material prices.
- Businesses need to closely monitor input-cost to remain competitive in the market.
- High input-cost can lead to higher prices for consumers.
Meaning
Input cost is essentially the total expense related to the resources needed to create a product or deliver a service, which directly affects profitability and pricing strategies.
Synonyms
- Production cost
- Resource cost
- Operational cost
