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==Confusion between prices and costs of production==
Price is not a [[synonym]] for cost.<ref>Compton, H. K. and Jessop, D. A. (1995), ''[https://www.amazon.co.uk/Dictionary-Purchasing-Supply-Terminology-Publishing/dp/1872807313 Dictionary of Purchasing and Supply: Terminology for Buying, Selling and Trading]'', Tudor Business Publishing</ref> One common form of confusion mixes price with the notion of cost of production, as in "I paid a high <u>cost</u> for <u>buying</u> my new plasma television", but technically these are different concepts. Price is what a buyer pays to acquire products from a seller. Cost of production concerns the seller's expenses (e.g., manufacturing and labor expenses) in producing the product being exchanged with a buyer. For [[marketing]] organizations seeking to make a profit, the hope is that price will exceed cost of production so that the organization can see financial gain from the transaction.

Finally, while pricing is a topic central to a company's profitability, pricing decisions are not limited to for-profit companies. The behavior of [[non-profit organizations]], such as charities, educational institutions and industry trade groups, also involves setting prices.<ref name=ewot2014>
{{cite book |last1=Heyne |first1=Paul |last2=Boettke |first2=Peter J. |last3=Prychitko |first3=David L. |title=The Economic Way of Thinking |date=2014 |publisher=Pearson |isbn=978-0-13-299129-2 |edition=13th }}</ref>{{rp|160–65}} For instance, charities seeking to raise money may set different "target" levels for donations that reward donors with increases in status (e.g., name in newsletter), gifts or other benefits; likewise educational and cultural nonprofits often price seats for events in theatres, auditoriums and stadiums. Furthermore, while non-profit organizations may not earn a "profit", by definition, it is the case that many nonprofits may desire to maximize ''net revenue''—total revenue less total cost—for various programs and activities, such as selling seats to theatrical and cultural performances.<ref name=ewot2014/>{{rp|183–94}}

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