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unavoidable cost
Avoidable and Unavoidable Costs
Introduction
Costs are obligations and expenses incurred in the production of a product or service. Avoidable costs and unavoidable costs are two broad categories of costs that are usually discussed in the context of business and economics. Avoidable costs are tho......
1038 
Sophia
Co-existing job salary
Introduction
The concept of combined wage and job roles has been around since the 1970s. The term refers to the practice of combining a salary or wage with a job role to give the employee a higher income. This type of structure can be used in many different types of employment and has become popu......
Ellsberg's paradox
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The Buridan-Esberg Paradox is a philosophical paradox first suggested by medieval scholars after encountering the works of Aristotle and John Buridan. It states that, if a person were given two separate and equal choices, he or she would be unable to choose either one and a contradiction would a......
Variable costs
Variable Cost
Variable cost is a kind of cost that fluctuates according to the amount of production output. Generally, the more a business produces, the more it incurs in variable costs. It includes materials, direct labor and related expenses that fluctuate with production volume, such as wages ......
Financial status
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Finance is an important part of any business or organization. It is the management of money and other financial resources in order to achieve the goals of an organization. A strong financial foundation is essential for an organization to operate effectively and continue to grow over the years.
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standard working hours
Standard Hours System
The Standard Hours System is a widely used tool of tracking labor productivity, an important component of any large scale business. It monitors and records the hours that employees spend working, providing invaluable data regarding the amount of time, effort and resources pu......
timing
As technology continues to grow and brings us closer together, the world has become increasingly smaller. People in one part of the world are increasingly aware of news and events even in distant places. This global awareness has been fueled by advances in communication technology such as the inte......
reservation wage theory
Retention Salary Theory
The Retention Salary Theory is an economic concept closely related to the cost of production and services. It embraces the idea that, for any given cost in the economy, there is both a price and a degree of demand for it. This theory can be applied to personnel, wages and ......
purchase cost
Purchasing Cost
Purchasing cost is one of the most important parts of business. It refers to the money that is spent on materials, services, and financing costs associated with purchasing items for organization. It includes the cost for ordering and handling the material, receiving and inspection......
Product production cost calculation method
The Cost of Product Manufacturing
Product manufacturing is a complicated process that involves the input of many different resources and people. Knowing the manufacturing costs associated with producing a product is critical for businesses to set product prices, plan for production, and measure o......
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