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Cost of goods sold (COGS) (also cost of products sold (COPS), or cost of sales [1]) is the carrying value of goods sold during a particular period. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost.
A production price for outputs in Marx's sense always has two main components: the cost-price of producing the outputs (including the costs of materials and equipment used, operating expenses, and wages) and a gross profit margin (the additional value realized in excess of the cost-price, when goods are sold, which Marx calls surplus value).
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Supply chain as connected supply and demand curves. In microeconomics, supply and demand is an economic model of price determination in a market.It postulates that, holding all else equal, the unit price for a particular good or other traded item in a perfectly competitive market, will vary until it settles at the market-clearing price, where the quantity demanded equals the quantity supplied ...
The notion of "the price of something" is often applied to sums of money denoting various quite different financial categories (e.g. a purchase or sale cost, the amount of a liability, the amount of a compensation, an asset value, an asset yield, an interest rate etc.).
In economics, output is the quantity and quality of goods or services produced in a given time period, within a given economic network, [1] whether consumed or used for further production. [2] The economic network may be a firm, industry, or nation. The concept of national output is essential in the field of macroeconomics.
Shows a firm's Economic Costs in the "Short Run" - which, as defined, contains at least 1 "Fixed Cost" that cannot be changed or done away with even if the firm goes out of business (stops producing) Variable cost: Variable costs are the costs paid to the variable input. Inputs include labor, capital, materials, power and land and buildings.
Within economics, margin is a concept used to describe the current level of consumption or production of a good or service. [1] Margin also encompasses various concepts within economics, denoted as marginal concepts, which are used to explain the specific change in the quantity of goods and services produced and consumed.