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What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
What is a labor ratio and what line items belong in it?
A labor ratio is the percentage of labor spent vs the amount of revenue earned. A labor ratio is the percentage of labor spent vs the amount of revenue earned.
240000 dollars were spent in a sales company 40 percent of it was on labor How many dollars were spent on labor?
Total amount spent = $ 240000 % to be spent on Labor = 40% Amount to be spent on labor = 240000 * (40/100) = 96000 The company will spend $96000 on Labor.
How do you compute predetermined overhead rate as a percentage of direct labor costs and direct labor hours?
Predetermined overhead rate based on direct labor cost = Budgeted overhead cost / direct labor cost / 100 Predetermined overhead rate based on direct labor cost = budgeted overhead cost / direct labor hours.
What are different method to measure productivity?
Productivity can be measured using various methods, including output per hour worked, which assesses the efficiency of labor. Another approach is total factor productivity (TFP), which considers multiple inputs such as labor, capital, and technology to evaluate overall efficiency. Additionally, labor productivity can be gauged through metrics like revenue per employee or units produced per worker. Qualitative assessments, such as employee satisfaction and work quality, can also provide insights into productivity levels.
How can life expectancy and literacy rates affect the quality of labor in the economy?
Life expectancy and literacy rates are crucial indicators of a nation's human capital. Higher life expectancy often correlates with better healthcare and living conditions, leading to a healthier and more productive workforce. Meanwhile, higher literacy rates enhance individuals' skills and competencies, enabling them to perform tasks more efficiently and innovate within their roles. Together, these factors contribute to improved labor quality, fostering economic growth and competitiveness.
How does literacy rate affect GDP?
A higher literacy rate can positively impact GDP by improving workforce productivity, promoting innovation and technology adoption, and fostering a more educated and skilled labor force. Literate populations are more likely to engage in higher-value economic activities, contribute to economic growth, and attract investment. Overall, higher literacy rates are associated with greater economic development and prosperity.
How does poor quality materials affect direct labor variance?
If poor quality materials are used it may cause insufficient demand for the products. Insufficient demand may not keep workers busy. If the workers are not being laid off, and unfavorable labor efficiency variance will often be recorded.
What are the factors affecting the quality of labor?
The quality of labor is influenced by several factors, including education and skills, which determine workers' competencies and productivity. Work conditions, such as safety, equipment, and management practices, also play a crucial role in employee performance and satisfaction. Additionally, economic factors, such as wage levels and job availability, can impact workers' motivation and commitment. Finally, health and well-being of the workforce significantly affect overall labor quality and efficiency.
What has the author Glenn M MacDonald written?
Glenn M. MacDonald has written: 'The economics of has-beens' -- subject(s): Age and employment, Computer literacy, Human capital, Labor market, Technological literacy
What is labor in economics?
Labor is work done for wages. Labor Economics is the study of the economics surrounding labor. Researchers may study what choices affect the decisions concerning labor.
State the factors that affect harvesting?
Factors that affect harvesting include weather conditions, crop maturity, equipment availability and performance, labor availability, market demand, and government regulations. These factors can impact the timing, efficiency, and quality of the harvest.
How did world war two affect labor unions?
The people of WW2 were Pro-labor Labor Unions thrived
Who does child labor affect most?
the nation
What are five factors that affect the labor market?
no
Why do you think indias literacy rate is so low?
India's literacy rate is influenced by several factors, including socioeconomic disparities, inadequate access to quality education, and cultural attitudes toward education, particularly for marginalized groups. Rural areas often lack sufficient educational infrastructure and resources, leading to lower enrollment and retention rates. Additionally, poverty and child labor can hinder children's ability to attend school regularly. Efforts to improve literacy must address these systemic issues to be effective.
What has the author Andrew Sum written?
Andrew Sum has written: 'Poverty amidst plenty' -- subject(s): Income distribution, Poverty 'A human capital concern' -- subject(s): Alien labor, Economic aspects, Economic aspects of Literacy, Education, Functional literacy, Government policy, Immigrants, Literacy, Social aspects of Literacy, Statistics 'CETA prime sponsor self-reviews' -- subject(s): Employment, Services for, States, Youth 'Cracking the labor market for human resource planning' -- subject(s): Human capital, Labor supply 'Family income distribution in the U.S., New England, and Massachusetts' -- subject(s): Income distribution
