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Manufacturing cost. Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories: direct materials cost, direct labor cost and manufacturing overhead. [1] It is a factor in total delivery cost. [2]
Job Costing is the process of determining the labor and materials cost for each job in a systematic way, and then using this information to create a quote for the customer. Job costing or cost accounting can be used in virtually any industry (especially service industry) to ensure that the product pricing covers actual costs, overhead and ...
Maximum wage. A maximum wage, also often called a wage ceiling, is a legal limit on how much income an individual can earn. [1] It is a prescribed limitation which can be used to effect change in an economic structure, but its effects are unrelated to those of minimum wage laws used currently by some states to enforce minimum earnings. [2]
Direct costs, in accounting, are those costs which are directly accountable to a cost object (such as a particular project, facility, function or product). [1] The equivalent nomenclature in economics is specific cost. [2] Direct costs may be either fixed or variable, but typically comprise materials, labour, and specific expenses such as, e.g ...
Joint employment is the sharing of control and supervision of an employee's activity among two or more business entities. At present, no single definition of joint employment exists. Instead, various employment laws define situations in which joint employment may occur with respect to that law. An example is the Family and Medical Leave Act in ...
It is circular because productivity can only be compared by using wage and price differences, the very thing the labor theory of value is supposed to explain. It is incomplete because Marx does not explain why the additional value-creating power of skilled labor should necessarily be related to the labor cost of skill acquisition.
Direct labor cost. Direct labor cost is a part of wage-bill or payroll that can be specifically and consistently assigned to or associated with the manufacture of a product, a particular work order, or provision of a service. Also, we can say it is the cost of the work done by those workers who actually make the product on the production line .
In general, finite difference methods are used to price options by approximating the (continuous-time) differential equation that describes how an option price evolves over time by a set of (discrete-time) difference equations. The discrete difference equations may then be solved iteratively to calculate a price for the option. [4]