1. Define the term cost price according to the given context.

**Step 1: Understand the Term** - The term **cost price** refers to the actual amount that is paid to produce or purchase an item before any profit, profit margin, or other additional charges are added. **Step 2: Express the Definition Mathematically (if applicable)** - In many business problems, the cost price is often denoted by \( CP \). - For example, when calculating profit, the formula may be: \[ \text{Profit} = \text{Selling Price} - CP \] This equation shows that the profit is the difference between the selling price and the cost price. **Step 3: Final Definition** - **Cost Price (\( CP \))** is the price at which an item is originally bought or produced, representing the base expense incurred before any additional costs or profit margins are considered.