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In the narrow sense of the terms, wood, forest, forestry and timber/lumber industry appear to point to different sectors, in the industrialized, internationalized world, there is a tendency toward huge integrated businesses that cover the complete spectrum from silviculture and forestry in private primary or secondary forests or plantations via the logging process up to wood processing and ...
In 1961, at a meeting in Scottsdale, Arizona, the Committee on Grade Simplification and Standardization agreed to what is now the current U.S. standard: in part, the dressed size of a 1-inch (nominal) board was fixed at 3 ⁄ 4 inch; while the dressed size of 2 inch (nominal) lumber was reduced from 1 + 5 ⁄ 8 inch to the current 1 + 1 ⁄ 2 ...
Lumber refers to smaller dimension or dressed lumber such as 2x4 or 2x6 used in modern construction. Interestingly a sawmill refers to the first machine to cut the lumber, whereas, in modern trade usage, "milled" lumber is further dressed by planing to standard dimensions, or made into molding or specialized forms for cabinet making.
Industry classification is valuable for economic analysis because it leads to largely distinct categories with simple relationships. Through these classifications, economists are able to compare companies within the same industry to evaluate the attractiveness of that industry.
President Roosevelt believed that unrestrained competition was one of the root causes of the Great Depression. According to The Effect of the N.R.A. Lumber Code on Forest Policy, national lumber codes regulated various aspects of the industry, including wages, hours, and price. [58] The industry was suffering on many fronts.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
It measures average changes in prices received by domestic producers for their output. The PPI was known as the Wholesale Price Index, or WPI, up to 1978. It is published by the Bureau of Labor Statistics and is one of the oldest economic time series compiled by the Federal government of the United States. [2]
The economic concept dates back to Adam Smith and the idea of obtaining larger production returns through the use of division of labor. [2] Diseconomies of scale are the opposite. Economies of scale often have limits, such as passing the optimum design point where costs per additional unit begin to increase.