An approach to pricing in which two charges are determined, one charge for labour used on the job and another charge for the materials used on the job, is called:

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Time and material pricing is a common approach in service industries where the cost of labour and materials varies from one job to another. The customer is charged based on the actual time spent on the job and the cost of the materials used, plus a profit margin. This approach provides transparency to the customer as they pay only for the actual cost of the job, plus a fair profit for the business. This method is commonly used in construction, repair and maintenance services.

An Approach to Pricing in Which Two Charges Are Determined