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Definition of Hoarding
See labor hoarding.
Not laying off redundant workers during a recession to ensure that skilled and experienced workers are available after the recession.
the time spent by individuals who work specifically
the number of hours actually worked minus the standard hours allowed for the production
(actual mix X actual hours X standard rate) - (standard mix X actual hours X standard rate);
the actual rate (or actual weighted average rate) paid to labor for the period minus the standard rate multiplied by all hours actually worked during the period;
(standard mix X actual hours X standard rate) - (standard mix X standard hours X standard rate);
labor that is specifically incurred to create a product.
The cost of any labor that supports the production process, but which is
The difference between the amount of time that was budgeted
The difference between the actual and standard direct labor rates
Those people employed plus those actively seeking work.
A federal Act creating standards of overtime
An agreement between two or more countries that permits the free movement of capital
The CPI, as it is called, measures the prices of consumer goods and services and is a
An agreement between two or more countries that allows the free movement of capital,
The ratio of the number of people classified as unemployed to the total labor force.
Cost of goods sold
The cost of merchandise that a company sold this year. For manufacturing companies, the cost of raw
Those that vary with the amount of goods you produce or sell. These may include utility bills, labor, etc.
Refers to the sum of manufacturing direct labor and overhead
Overhead generally refers to indirect, in contrast to direct,
This is a key factor in the profit model of a business. Product
a cost accumulation and reporting
actual cost system
a valuation method that uses actual direct
the total of direct labor and overhead cost;
European Union (EU)
an economic alliance originally created
an economy characterized by the international
the total of all costs (direct material, direct labor,
a model that helps predict how labor time
any possible combination of material or labor inputs
normal cost system
a valuation method that uses actual
any factory or production cost that is indirect to
the total cost of direct material and direct labor for a product
standard cost card
a document that summarizes the direct
standard cost system
a valuation method that uses predetermined
a cost accumulation and reporting method
Cost of goods sold
The accumulated total of all costs used to create a product or service,
A costing methodology that only assigns direct labor and material costs
All the costs incurred during the manufacturing process, minus the
Manufacturing resource planning (MRP II)
An expansion of the material requirements planning concept, with additional computer-based capabilities in the areas of
The total of all costs assigned to a product, typically including direct
Aggregate Production Function
An equation determining aggregate output as a function of aggregate inputs such as labor and capital.
Aggregate Supply Curve
Combinations of price level and income for which the labor market is in equilibrium. The short-run aggregate supply curve incorporates information and price/wage inflexibilities in the labor market, whereas the long-run aggregate supply curve does not.
An unemployed person who gives up looking for work and so is no longer counted as in the labor force.
Factor of Production
A resource used to produce a good or service. The main macroeconomic factors of production are capital and labor.
Institutionally Induced Unemployment
Unemployment due to institutional phenomena such as the degree of labor force unionization, the level of discrimination, and government policies such as unemployment insurance programs, minimum wages, or regulations on business.
Fraction of the noninstitutionalized population 16 years of age and over that is in the labor force.
Output per unit of input, usually measured as output per hour of labor.
Unemployment due to a mismatch between the skills or location of labor and the skills or location required by firms.
Tax-Related Incomes Policy (TIP)
Tax incentives for labor and business to induce them to conform to wage/price guidelines.
Fraction of the labor force that is not employed.
Cost of goods sold
The charge to expense of the direct materials, direct labor, and
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