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  2. Direct labour cost variance - Wikipedia

    en.wikipedia.org/wiki/Direct_labour_cost_variance

    For example, assume that the standard cost of direct labor per unit of product A is 2.5 hours x $14 = $35. Assume further that during the month of March the company recorded 4500 hours of direct labor time. The actual cost of this labor time was $64,800, or an average of $14.40 per hour. The company produced 2000 units of product A during the ...

  3. Consumption (economics) - Wikipedia

    en.wikipedia.org/wiki/Consumption_(economics)

    Consumption of electric energy is positively correlated with economical growth. As electric energy is one of the most important inputs of the economy. Electric energy is needed to produce goods and to provide services to consumers. There is a statistically significant effect of electrical energy consumption and economic growth that is positive.

  4. Production function - Wikipedia

    en.wikipedia.org/wiki/Production_function

    In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important ...

  5. Gross domestic product - Wikipedia

    en.wikipedia.org/wiki/Gross_Domestic_Product

    The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. [7] Market goods that are produced are purchased by someone.

  6. Measures of national income and output - Wikipedia

    en.wikipedia.org/wiki/Measures_of_national...

    The actual usefulness of a product (its use-value) is not measured – assuming the use-value to be any different from its market value. Three strategies have been used to obtain the market values of all the goods and services produced: the product (or output) method, the expenditure method, and the income method.

  7. Economic production quantity - Wikipedia

    en.wikipedia.org/wiki/Economic_production_quantity

    Production runs to replenish inventory are made at regular intervals; During a production run, the production of items is continuous and at a constant rate; Production set-up/ordering cost is fixed (independent of quantity produced) The lead time is fixed; The purchase price of the item is constant, i.e. no discount is available

  8. Production (economics) - Wikipedia

    en.wikipedia.org/wiki/Production_(economics)

    Production can be either increased, decreased or remain constant as a result of consumption, amongst various other factors. The relationship between production and consumption is mirror against the economic theory of supply and demand. Accordingly, when production decreases more than factor consumption, this results in reduced productivity.

  9. Frisch elasticity of labor supply - Wikipedia

    en.wikipedia.org/wiki/Frisch_elasticity_of_labor...

    which is the equation of a line whose slope is the negative wage rate (-w). Even if the person spends the whole time (T) working or at leisure, it is still available for him to buy consumption goods at the price of V. Giving up one hour of leisure would result in moving up the budget line and thus being able to buy additional w dollars of goods.