What is the relationship between price, value and cost?

Definitions according to Cambridge Advanced Learner's Dictionary:

Price is defined as "the amount of money for which something is sold" (http://dictionary.cambridge.org/define.asp?key=62775&dict=CALD&topic=costs-expenses)


Value is "the amount of money which can be received for something" (http://dictionary.cambridge.org/define.asp?key=87706&dict=CALD&topic=costs-expenses)

Cost is "the amount of money needed to buy, do or make something" (http://dictionary.cambridge.org/dictionary/british/cost_1)

In the article "Cost, Value, and Price" (http://media.wiley.com/product_data/excerpt/36/04713498/0471349836.pdf) the relationship between the three terms is explained very well. In this article, I will try to summarize the most important facts.