What term refers to the price that a retailer pays for goods from a supplier?

The term that refers to the price a retailer pays for goods from a supplier is "Cost." This is the foundational concept in buying and merchandising, as it represents the expense incurred by the retailer to acquire products for resale. Understanding the cost is crucial for retailers because it directly impacts their pricing strategies, profitability, and overall financial management.

In contrast, revenue pertains to the total income generated from sales, which is distinct from the cost of acquiring those goods. The retail price, on the other hand, is the amount at which the retailer sells the goods to consumers, typically set above the cost to ensure a profit. Markup refers specifically to the difference between the cost and the retail price, indicating how much more the retail price is compared to the cost. Therefore, while all the other terms are related to the financial aspects of retailing, "Cost" specifically defines the purchase price from the supplier, making it the correct answer.