Tag: produced
Yield Variance
What is 'Yield Variance' Yield variance is the difference between actual output and standard output of a production or manufacturing process, based...
National Income Accounting
What is National Income Accounting
National income accounting is used to track a country's economic activity and growth. It measures the total value of all...
Natural Law
What is 'Natural Law' A set of rules inherent in human behavior and human reasoning that governs human conduct. Natural law is...
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...
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
What is 'Manufacturing Production' Manufacturing production is the creation and assembly of components and finished products for sale. Three common types of...
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...
Abnormal Spoilage
What is 'Abnormal Spoilage' The waste or wrecking of inventory beyond what is expected in normal business processes. Abnormal spoilage can be...
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),...
Absorbed Cost
What is an absorbed cost and how does it impact a business's bottom line
An absorbed cost is an overhead cost that has been fully...