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  2. Law of value - Wikipedia

    en.wikipedia.org/wiki/Law_of_Value

    According to the law of value, the trading ratios of different types of products reflect a real cost structure of production, and this cost structure ultimately reduces to the socially average amounts of human labor-time required to produce different goods and services. [citation needed]

  3. Socially necessary labour time - Wikipedia

    en.wikipedia.org/wiki/Socially_necessary_labour_time

    the quantity of labour time socially necessary to produce the appropriate amount of the product, i.e. the amount of a product which at the production price meets the effective demand for it—this quantity defines the correspondence between the total quantity of the commodity produced as use-values and the effective demand for those use-values.

  4. Labor theory of value - Wikipedia

    en.wikipedia.org/wiki/Labor_theory_of_value

    Adam Smith held that, in a primitive society, the amount of labor put into producing a good determined its exchange value, with exchange value meaning, in this case, the amount of labor a good can purchase. However, according to Smith, in a more advanced society the market price is no longer proportional to labor cost since the value of the ...

  5. Productivity - Wikipedia

    en.wikipedia.org/wiki/Productivity

    Productivity is the efficiency of production of goods or services expressed by some measure. Measurements of productivity are often expressed as a ratio of an aggregate output to a single input or an aggregate input used in a production process, i.e. output per unit of input, typically over a specific period of time. [1]

  6. Comparative advantage - Wikipedia

    en.wikipedia.org/wiki/Comparative_advantage

    For instance, ′ is the amount of labor needed to produce a unit of wine in Foreign. We do not know if Home can produce cloth using fewer hours of work than Foreign. That is, we do not know if < ′. Similarly, we do not know if Home can produce wine using fewer hours of work.

  7. Current ratio: What it is and how to calculate it - AOL

    www.aol.com/finance/current-ratio-calculate...

    A current ratio can be better understood by looking at how it changes over time. The current ratio is part of what you need to understand when investing in individual stocks, but those investing ...

  8. Means of production - Wikipedia

    en.wikipedia.org/wiki/Means_of_production

    In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. [1] While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable ...

  9. 6 Essential Baking Ratios That You Should Know - AOL

    www.aol.com/6-essential-baking-ratios-know...

    Baked Good . Baking Ratio . Pie Dough. 3 parts flour: 2 parts fat: 1 part water. Muffins. 2 parts flour: 2 parts liquid: 1 part egg: 1 part fat. Quick Breads