Money Matters 101: Price versus Cost

I just got home from a nice haircut, and one thing I noticed was the news being showed on TV. There was this debate on how much the minimum wage be increased. Employees are asking for a higher price than what the employers can give. Due to the increasing cost of living, people are demanding for higher wages, and it usually falls to deaf ears.
Having said that, this segment of Money Matters 101 is very important for us consumers, as we always want the best value for our hard-earned money. Today we are discussing the difference between price and cost.