Cost is the best estimate of the various inputs into providing a service or a consumer object.

e.g. A motor car - raw materials, research and development, design, plant, equipment, worker training, worker pay, advertising, distribution, administration.

An operation - key materials e.g. blood, anaesthetic agents, drugs, immunisations, hotel and catering services, nursing services, medical services, equipment, plant, administration.

For each service there is an element for staff training, accreditation and pay.

The price is the financial value attached to the object or service in a particular market place. It will vary by time, geography and need. It will be vary with quality and demand perhaps created by skilful advertising.

The value is subjective and qualitative, thus a cheap wedding ring has huge symbolic significance and value to the wearer. In health care a huge amount of resource may be devoted to trying to save a single human life - a child injured in an accident or an adult with terminal cancer, because the individual is so valued.