Hello Guys,
Lampard, Temi is actually right. But it is tricky, that is why it is easy to get confused, but once you know it you'll appreciate it
It is not organised the old fashined. Boss Cart approach allows merchant to created 'Product grups' when adding/editing a product. These groups can be 'Colours', 'Sizes', 'Students&Teacher's Promotion', 'No. of legs left'... really anything.

Each product group can have many options ('Red', 'Blue', 'Yellow'/ 'size 30', '32', '34'/ 'Teacher's price', 'Student's price'... etc.)
Additionaly, these groups can modify the basic price of the product (increase or decrease it) by selected amount, different or the same for each group option!
After this settings are applied, the client can select them when buying the product
Ain't it cool?
If you have any problems, I'd be happy to answer your questions if I can.
Best Regards,
Piotrek