unit costs definition
Definition of UNIT COST. : the cost allocated to a selected unit and commonly calculated as the cost over a period of time divided by the number of items produced.ADVERTISEMENT. This word doesn't usually appear in our free dictionary, but the definition from our premium Unabridged Dictionary is offered here on a limited basis. the cost allocated to a selected unit and commonly calculated as the cost over a period of time divided by the number of items produced. ADVERTISEMENT.