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The wage unit is a unit of measurement for monetary quantities introduced by Keynes in his 1936 book The General Theory of Employment, Interest and Money (General Theory). [1] A value expressed in wage units is equal to its price in money units divided by the wage (in money units) of a man-hour of labour.
Land number 1 will generate a profit of 100 units of corn, while land number 2 will only generate 90 units of corn. Finally, whenever land number 3 must be cultivated, the rent for land number 1 will be a rent of 20 units, and for land number 2, the rent will be 10. The profit will equal 80 units (profit made by the lowest quality).
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 ...
An input unit can be converted to any number of output units—the outputs are specified as a "combination" by separating unit codes with a space (" ") or a plus ("+"). Using a space as a separator does not work if any of the unit codes contains a space.
If for years 1 and 2 (possibly a span of 20 years apart), the nominal wage and price level P of goods are respectively nominal wage rate: $10 in year 1 and $16 in year 2 price level: 1.00 in year 1 and 1.333 in year 2, then real wages using year 1 as the base year are respectively: $10 (= $10/1.00) in year 1 and $12 (= $16/1.333) in year 2.
The Stoß is a unit of cattle stock density used in the Alps. For each Alm or Alp it is worked out how many Stoß (Swiss: Stössen) can be grazed (bestoßen); one cow equals one Stoß, 3 bulls equal 2 Stöße, a calf is 1 ⁄ 4 Stoß, a horse of 1, 2 or 3 years old is worth 1, 2 or 3 Stöße, a pig equals 1 ⁄ 4, a goat or a sheep is 1 ⁄ 5 ...
Conversion of units is the conversion of the unit of measurement in which a quantity is expressed, typically through a multiplicative conversion factor that changes the unit without changing the quantity. This is also often loosely taken to include replacement of a quantity with a corresponding quantity that describes the same physical property.
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.