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Definition of Mortality tables
tables of probability that individuals of various ages will die within one year.
This is a statistical table used by life insurance companies showing the probability of death of male and females at all ages.
tables that indicate how much each industry requires of the production of each other
These are statistical tables used by life insurance companies showing the probability of disease of male and females at all ages.
The death rates for various age groups of the population.
a number (prefaced as a multiplier
The level of output produced by the economy when operating at the natural rate of unemployment.
The difference between full employment output and current output.
output produced when the economy is operating at its natural rate of unemployment.
Anything for which a measurement of cost is required – inputs, processes, outputs or responsibility centres.
a measure of the degree to which tasks were performed
(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
an approach to budgeting that relates
the quantity of input (in hours or some other cost driver measurement) required at standard for the output actually achieved for the period
the quantity of output that results from a specified input
the expected or actual relationship between input and output
Aggregate Production Function
An equation determining aggregate output as a function of aggregate inputs such as labor and capital.
The system whereby using prices, the interaction of supply and demand allocates inputs and distributes outputs.
output per unit of input, usually measured as output per hour of labor.
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