Final answer:
The combination of the purchase price of a product, plus all costs associated with its use and maintenance, is known as total cost of ownership (TCO).
Step-by-step explanation:
The combination of the purchase price of a product, plus all costs associated with the use and maintenance of a good or service, is referred to as total cost of ownership (TCO). This concept captures the comprehensive expenditure over the life of an asset, including initial acquisition costs as well as operating, maintenance, and upgrade costs. Understanding the TCO is crucial for businesses as it affects the overall profitability and budgeting decisions. It's important to differentiate TCO from acquisition cost, which refers only to the initial purchase price of the asset, and from opportunity cost, which is the value of the next best alternative foregone as a result of making a decision.