Stepper Motors vs DC Motors vs Servos

When building a system where torque and precision & accuracy are more important than speed, isn’t using a DC motor + gear reduction + potentiometer a much cheaper solution than using a stepper motor? If this is the case, when would it be better to use a stepper motor? In the case of a servo, it is already just a DC motor with a control feedback loop, so would you only use a servo for simplicity (unable to create custom gearbox, smaller parts list, etc.)?

submitted by /u/just_kash
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