Domain name: Using the picture on the right as an example; 'w3.org' is a domain name. A fee is paid for reserving a name.
The cost of a 'top level domain name' may be around the range of SGD $21 to SGD $40 per year.
Web hosting/ Web server: Webpages are hosted on a 'physical' machine. A fee is paid for the service the machine provides.(One machine is shared by many different organisations)
Picture source: No machine-readable author provided. SolarKennedy~commonswiki assumed (based on copyright claims)., Public domain, via Wikimedia Commons
The cost of web hosting may be around the range of SGD $130 - to SGD $323 (or higher) per year.
People: create and maintain a website. A fee is paid towards the individuals doing the work.
Picture source: craiyon.com, CC0, via Wikimedia Commons
In a 'formal' workplace, web developers are paid monthly salary. The salary may be above SGD $2000 per month.