COST' (5 letters) The term 'ITEM COST' refers to the amount of money that an individual pays for a particular item. It is composed of two words, 'PRICE' and 'COST', both of which have five letters. The word 'PRICE' is used to describe the amount of money that an individual pays for a product or service, while the word 'COST' is used to describe the amount of money that it takes to produce a product or service. Together, these two words form the term 'ITEM COST', which is the total amount of money that an individual pays for a particular item.