Tag: production

DefinitionA war economy is the set of contingencies undertaken by a modern state to mobilize its economy for war production. Philippe Le Billon describes...

DefinitionIn underconsumption theory in economics, recessions and stagnation arise due to inadequate consumer demand relative to the amount produced. It means that there is...

What is 'Quality Control' Quality control is a process through which a business seeks to ensure that product quality is maintained or...

DefinitionA raw material, also known as a feedstock or most correctly unprocessed material, is a basic material that is used to produce goods, finished...

DefinitionUnconventional oil is petroleum produced or extracted using techniques other than the conventional method. Oil industries and governments across the globe are investing in...

DefinitionEconomic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally...

DefinitionGross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.GDP...

What is depreciation and how does it work Depreciation is an accounting method used to spread the cost of a long-term asset over its useful...

DefinitionIn economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production...

What is 'Manufacturing Resource Planning - MRP II' Manufacturing Resource Planning (MRP II) is an integrated information system used by businesses. Manufacturing...