List price is the price which is showcased for users for the purpose of customers to buy.
List price may be above or below the cost price of the item as per the need of the seller.
Selling price is the price at which an item is sold by the seller. Selling price can be different from list price as there may be discount from the list price.
Selling price above or below cost price is required to find profit or loss on the item.
Discount is the percent deduction on the list price or selling price which is offered to the customer to buy a particular item. Discount is usually less than selling price or list price as it is a depreciation from the actual value.
Disclaimer: No value has been provided for the calculation of the value and hence definition has been given.
For further reference,
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