The best explanation of cost will vary depending on the specific industry and context involved. However, in general, the best explanation of cost is likely to be one that takes into account all of the relevant factors involved in the production or provision of a good or service. This could include things like labour costs, raw materials costs, overhead costs, and so on. A comprehensive and accurate understanding of all of these factors is essential in order to make sound decisions about pricing, investment, and other strategic decisions relating to cost.