LOW COST Meaning and
Definition
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Low cost is a term used to describe something that is affordable or economical, implying a price that is relatively inexpensive or below average compared to similar goods or services within a given market or industry. It is often used as an adjective to describe products, services, or business models.
In relation to products, low cost refers to goods that are designed, produced, or distributed in a way that minimizes expenses and therefore allows for a lower retail price compared to competing products of similar quality. These products aim to provide value to consumers by meeting their needs at a more affordable price point.
Similarly, in the realm of services, low cost generally refers to services that are provided at a reduced price, often achieved through streamlining and efficiency measures. This could include streamlined processes, efficient use of resources, or simplified service delivery.
Low cost can also describe a business model that focuses on minimizing expenses across various operational aspects, such as production, marketing, distribution, or overhead costs, in order to keep prices lower than competitors.
The concept of low cost is subjective and can vary across industries and markets. What may be considered low cost in one context could differ in another, depending on factors such as geographic location, market demand, and the competitive landscape.
Common Misspellings for LOW COST
- low-coast
- low-cot
- low-cose
- low-cast
- low costs
- low caust
- low coste
Etymology of LOW COST
The word "low cost" is a compound term composed of two individual words: "low" and "cost".
The word "low" dates back to Middle English, derived from Old English "hlāh" or "lāh", meaning "low" or "not high". It has Germanic and Old Norse origins.
The word "cost" also has Old English roots, specifically from the word "cōst", meaning "expense" or "price". This term can be traced back to the Latin word "costa" or "custa", which had the same meaning.
So, when combined, "low cost" refers to something that has a relatively small expense or price.
Similar spelling words for LOW COST
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