Derived demand refers to the demand for capital goods and labor, used in production, which indirectly stems from the demand for the final goods and services that these inputs help to produce.
Labor and materials that can be identified physically in the product produced. Direct costs for an apartment building, for example, are construction materials and labor; indirect costs include architect's fees, interest during construction, insurance, and builder's overhead and profit allowance.
Econometrics involves using computer analysis and statistical modeling techniques to mathematically describe numerical relationships between key economic forces such as labor, capital, interest rates, and government policies, and test the effects of changes in economic scenarios.
A recognizable and cohesive group of economic performers, including producers, labor, and consumers, who interact largely together in a geographically or industry-defined space.
Factors are critical economic resources and agents involved in the production and distribution of goods and services, encompassing capital, human resources, property resources, entrepreneurial ability, and intermediaries.
Factors of production refer to the resources required to produce economic goods, including land, labor, capital, and entrepreneurial ability. Each factor has an associated cost: rent for land, wages for labor, interest for capital, and profit for the entrepreneur.
Growth accounting is a method used in economics to determine the contribution of different factors (such as labor, capital, and technology) to economic growth.
Labor refers to the exertion of physical or mental effort for work, often performed for remuneration. It encompasses a broad group of individuals engaged in various occupational functions within organizations.
The Salariat refers to the working class, encompassing those individuals who engage in employment or labor to earn a wage or salary.
Scale is a versatile term often employed across multiple fields such as economics, labor, and modeling. In economics, scale pertains to the level of production efficiency as the volume of production changes. In labor, it denotes standardized wage rates for specific job types, such as those determined by union agreements. In modeling, scale signifies the relationship between the dimensions of a representation and the actual object.
An economic good consisting of human worth in the form of labor, advice, managerial skill, etc., rather than a commodity. Services to trade include banking, insurance, transport, etc. Professional services encompass the advice and skill of accountants, lawyers, architects, business consultants, doctors, etc. Consumer services include those given by caterers, cleaners, mechanics, plumbers, etc. Industry may be divided into extractive, manufacturing, and service sectors. The service industries make up an ever-increasing proportion of the national income.
A swing shift is a work shift in industry that typically runs from the mid-afternoon until midnight or until the midnight shift.
Value Added refers to the value of a product or output minus the costs of raw materials used in production. Essentially, it represents the increase in value created by the manufacturing process through the application of capital and labor.
