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- The cost concept in economics and accounting refers to the following:Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The concept of cost is a key concept in Economics. It refers to the amount of payment made to acquire any goods and services. In a simpler way, the concept of cost is a financial valuation of resources, materials, risks, time and utilities consumed to purchase goods and services.www.vedantu.com/commerce/concept-of-costsThe cost concept of accounting states that all acquisitions of items (e.g., assets or items needed for expending) should be recorded and retained in books at cost.www.financestrategists.com/accounting/accountin…In principle, a cost is a sacrifice of resources. According to the terminology of British Institute of Cost and Works Accountants, ‘‘Cost is the amount of expenditure (actual or notional) incurred on or attributable to a given thing’’.egyankosh.ac.in/bitstream/123456789/12366/1/Uni…Ans: The economic cost concept definition says that it is a framework to understand how companies and individuals allocate various resources in a way so that costs are kept low, and the benefits reaped are high.www.vedantu.com/commerce/cost-concepts
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