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The meaning of PRODUCTION COST is the combined total of raw material and direct labor costs and burden incurred in production.
Production Choices and CostsOur analysis of production and cost begins with a period economists call the short run. The short run in this microeconomic context is a planning period over which the managers of a firm must consider one or more of their factors of production as fixed in quantity....
This quiz uses multiple-choice questions to find out if you know the concepts and the steps to take when making a production cost report. The questions will show if you understand the terms used in this type of report. Quiz & Worksheet Goals ...
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From Longman Business Dictionaryˌmass proˈduction[uncountable]when products are made in large numbers by machines, so that they can be produced cheaplyThe new model will become cheaper with mass production.The technique developed by Matsushita brings themass-production costdown to under £3.00 ...
Mass production, application of the principles of specialization, division of labor, and standardization of parts to the manufacture of goods. Such manufacturing processes attain high rates of output at low unit cost. Learn more about the history, uses,
Britannica Quiz A World of Food Quiz In 1657 a Frenchman opened a shop in London at which solid chocolate for making the beverage could be purchased at 10 to 15 shillings per pound. At that price only the wealthy could afford to drink it, and there appeared inLondon,Amsterdam, and other...
Making It Happen program molds teens in media arts, music production and more Young people become business savvy in what can be an extraordinarily difficult and competitive business often before they graduate from school. "It actually is amazing," he said. "There's no ...
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