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19 Results for Tag: produced

Yield Variance

Yield Variance What is 'Yield Variance' Yield variance is the difference between actual output and standard output of a production or manufacturing process, based on standard inputs of mat

National Income Accounting

DefinitionA variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product, gross nation

Natural Law

Natural Law What is 'Natural Law' A set of rules inherent in human behavior and human reasoning that governs human conduct. Natural law is preexisting and is not created in courts by judge

Oil Refinery

DefinitionOil refinery or petroleum refinery is an industrial process plant where crude oil is transformed and refined into more useful products such as petroleum naphtha, gasoline, diesel f

Manufacturing Cells

DefinitionCellular manufacturing is a process of manufacturing which is a subsection of just-in-time manufacturing and lean manufacturing encompassing group technology. The goal of cellular

Manufacturing Production

Manufacturing Production What is 'Manufacturing Production' Manufacturing production is the creation and assembly of components and finished products for sale. Three common types of manufa

Absolute Advantage

DefinitionIn economics, the principle of absolute advantage refers to the ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amo

Abnormal Spoilage

Abnormal Spoilage What is 'Abnormal Spoilage' The waste or wrecking of inventory beyond what is expected in normal business processes. Abnormal spoilage can be the result of broken machine

Real Economic Growth Rate

Real Economic Growth Rate What is the 'Real Economic Growth Rate' The real economic growth rate measures economic growth, in relation to gross domestic product (GDP), from one period to an

Absorbed Cost

Absorbed Cost What is 'Absorbed Cost' The indirect costs that are associated with manufacturing. Absorbed costs include such expenses as insurance, or property taxes for the building in wh
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