A good post by Megan McCardle on the differences between the two. Surprising fact:
"One final thing that's worth pointing out is that Costco doesn't even
make money selling the groceries and the six person hot-tubs. Their
annual membership fee revenue exceeds their net profit--which is to say
that the actual business of selling stuff is operating at a loss.
They're charging you an annual fee to buy stuff at or near cost".
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