Definition Entries Near Cite this Entry Share Show less Save Word production costnoun: the combined total of raw material and direct labor costs and burden incurred in production The Ultimate Dictionary Awaits Expand your vocabulary and dive deeper into language with Merriam-Webster Unabridged. ...
Define Cost-of-production theory of value. Cost-of-production theory of value synonyms, Cost-of-production theory of value pronunciation, Cost-of-production theory of value translation, English dictionary definition of Cost-of-production theory of value.
2.2.1Definitionofopportunitycosts2.2.2Explicitandimplicitcosts2.2.3Differencebetweeneconomistsandaccountants2.2CostsasopportunitycostsTheopportunitycostofanitemreferstoallthosethingsthatmustbeforgonetoacquirethatitem.Wheneconomistsspeakofafirm’scostofproduction,theyincludealltheopportunitycostsofmakingitsoutputofgoodsand...
Cost of Product definition Open Split View ShareCite Cost of Product means the cost of acquisition, if purchased, or the cost of manufacture, the latter being the sum of direct production costs and manufacturing overhead costs determined in accordance with generally accepted accounting principles....
Define cost. cost synonyms, cost pronunciation, cost translation, English dictionary definition of cost. n. 1. An amount paid or required in payment for a purchase; a price. 2. The expenditure of something, such as time or labor, necessary for the attain
Kids Definition cost 1 of 2noun ˈkȯst 1 :the amount paid or charged for something:price 2 :the loss or penalty involved in achieving a goal won the battle at thecostof many lives 3 plural:legal expenses given to the winning side against the losing side ...
or material costs that are incurred in the production of goods or services. They support the production or selling processes of the goods or services. Overhead costs are charged to the expense account, and they must be continually paid regardless of whether the company is selling goods or not...
Globalization | Definition, Advantages & Downsides from Chapter 29 / Lesson 10 40K The world people are living in today is more connected economically and politically. The advancement in technology has contributed to the growth of globalization. This lesson will discuss globalization, its...
Note that COGM is also known as the cost of goods produced or the cost of goods finished by some specialists. All manufacturing-related costs are included in the COGM. It includes employees, inventory, and production expenses. Further, it is computed by adding up the costs associated with bot...
Define cost-plus. cost-plus synonyms, cost-plus pronunciation, cost-plus translation, English dictionary definition of cost-plus. n. The cost of production plus a fixed rate of profit. cost′-plus′ adj. American Heritage® Dictionary of the English La