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Output is the result of an economic process that has used inputs to produce a product or service that is available for sale or use somewhere else. Net output , sometimes called netput is a quantity, in the context of production, that is positive if the quantity is output by the production process and negative if it is an input to the production ...
Marx's term is the German word "Mehrwert", which simply means value added (sales revenue minus the cost of materials used up), and is cognate to English "more worth". It is a major concept in Karl Marx's critique of political economy. Conventionally, value-added is equal to the sum of gross wage income and gross profit income.
Effectively, Marxian economists argue, this means that the labour of workers in wealthy countries is valued higher than the labour of workers in poorer countries. However, they predict that in the long run of history, the operation of the law of value will tend to equalize the conditions of production and sales in different parts of the world. [6]
The capitalist mode of production may exist within societies with differing political systems (e.g. liberal democracy, social democracy, fascism, Communist state and Czarism) and alongside different social structures such as tribalism, the caste system, an agrarian-based peasant society, urban industrial society and post-industrialism. Although ...
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function .
The ownership and organization of the social means of production is a key factor in categorizing and defining different types of economic systems. The means of production includes two broad categories of objects: instruments of labor (tools, factories, infrastructure, etc.) and subjects of labor (natural resources and raw materials).
Can you give another hint about today's Wordle? As an adjective, this word describes something with an unpleasant, musty or offensive odor. However, it can also describe music with a strong rhythm ...
Different individuals or nations may have different real opportunity costs of production, say from differences in stocks of human capital per worker or capital/labour ratios. According to theory, this may give a comparative advantage in production of goods that make more intensive use of the relatively more abundant, thus relatively cheaper, input.