This is the second installment in the series of Mastering Words.
Know: aware of a fact or information.
Understand: To know how something works by way of learning or through experience. This is nothing but to use the intuitive power to know a mechanism.
Realize: To know and understand the importance of something or suddenly become aware of something. Sometimes, this realization comes after doing something. In this way, to know new fact about something known may be the suitable meaning.
Price: The sum of money that one pays to purchase something.
Cost: This is something more than the price. The total investment made towards production of something. Sometimes, it is used interchangeably with price. Wha
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t’s the cost of Barbie doll? What’s the price of Barbie Doll? Two merchants always talk in terms of Cost whereas shoppers and buyers talk in terms of price.
Charge: This is the amount that one pays if one takes the services of someone like electrician, plumbers, painters etc.
Rate: Price fixed according to a standard scale. Government or other organizations authorized fixed the rate of some essential goods to enforce a price control mechanism and ensure uniform pricing. Some service providers fix their rate in terms of hours and day. Contractual payments are quoted in terms of rate.