Costs

Costs is the total amount of money spent by an organization to meet customer needs. With respect to quality, costs include the expenditure to design and ensure delivery of high-quality goods and services, plus the costs or losses resulting from poor quality.

Definition

According to Macroeconomics by Mankiw (7th edition),

Costs. The total amount of money spent by an organization to meet customer needs. With respect to quality, costs include the expenditure to design and ensure delivery of high-quality goods and services, plus the costs or losses resulting from poor quality.