labour unit cost
21Lump of labour fallacy — The lump of labour or lump of jobs fallacy is an argument generally considered to be fallacious that the amount of work available to labourers is fixed. Contending that the amount of work is flexible not static, most economists oppose such… …
22Variable cost — Decomposing Total Costs as Fixed Costs plus Variable Costs. Variable costs are expenses that change in proportion to the activity of a business.[1] Variable cost is the sum of marginal costs over all units produced. It can also be considered… …
23marginal cost — The increase or decrease in a firm s total cost of production as a result of changing production by one unit. Bloomberg Financial Dictionary * * * marginal cost marginal cost ➔ cost1 * * * The additional cost of one extra unit of production, e …
24direct labour hour — An hour spent working on a product, service, or cost unit produced by an organization by those operators whose time can be directly traced to the production. The direct labour hour is sometimes used as a basis for absorbing manufacturing… …
25average variable cost — An average taken over a specified period of the variable cost of producing units of production (see average cost). The variable costs (such as the cost of raw materials, direct labour, machine time, etc. ) of producing a unit are those that vary… …
26indirect labour — Personnel not directly engaged in the production of a product or cost unit manufactured by an organization. Examples of indirect labour include maintenance personnel, cleaning staff, and senior supervisors, such as foremen. Compare: direct labour …
27standard cost card — In a standard costing system, a record showing how the standard cost of each product is built up. The standard cost card records the standard quantities of material and the standard prices, the standard labour times, and the standard rates of pay …
28direct labour — Workers directly concerned with the production of a product, service, or cost unit, such as machine operators, assembly and finishing operators, etc. Compare: indirect labour …
29direct labour — Workers directly concerned with the production of a product, service, or cost unit, such as machine operators, assembly and finishing operators, etc. Compare indirect labour …
30Chain (length) — Unit of length name = chain m=20.1168 accuracy=6A chain is a unit of length; it measures 66 feet or 22 yards (20.1168m). There are 10 chains in a furlong, and 80 chains in one statute mile. An acre is the area of 10 square chains (that is, an… …
