Cost Concept: Various Cost Concepts and Classification
According to the Chartered Institute of Management Accountants, cost is “the amount of expenditure (actual or notional) incurred on or attributable to a specified thing …
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According to the Chartered Institute of Management Accountants, cost is “the amount of expenditure (actual or notional) incurred on or attributable to a specified thing …
Cost Output Relationship in Short Run Time element plays an important role in price determination of a firm. During short period two types of factors …
Economies of Scale Economies of scale are defined as the cost advantages that an organization can achieve by expanding its production in the long run. …
One of the major concern of the enterprise is to maximize the profit, which is possible only through decreasing the cost of production. For this …
Business denotes busi-ness, that is the state of being busy – any activity in which one keeps himself busy. But the economic term of business …
Factors of production can be defined as inputs used for producing goods or services with the aim to make economic profit. In economics, there are …
1. In the product (consumer goods) market, the consumers or the households are the buyers and the firms are the sellers. In this market, the …
David Ricardo, an English classical economist, first developed a theory in 1817 to explain the origin and nature of economic rent. Ricardo used the economic …
1. Productivity Theory: According to productivity theory, interest can be defined as a reward for availing the services of capital for the production purpose. Labor …
The workers are paid wages or salaries for the work done by them. Thus, the return to the workers should be according to their efforts …