Cryptocurrency Q&A
What is labor cost called?
What is labor cost called?
AndrewMiller
Mon Oct 14 2024
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7 answers
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I'm trying to understand the term used to describe the cost associated with labor. I want to know what labor cost is commonly referred to in business or financial terminology.
7 answers
Giuseppe
Wed Oct 16 2024
When a company increases its production output, it typically needs more workers to operate the machinery and maintain the production process. Consequently, the cost of labor to run the machinery also increases.
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TaegeukChampionCourage
Wed Oct 16 2024
Labor costs in business operations can be broadly categorized into two types: fixed costs and variable costs. This distinction is crucial in understanding the financial impact of labor on a company's profitability.
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CryptoNerd
Wed Oct 16 2024
A variable cost is a type of expense that fluctuates in proportion to the level of production or sales. One such variable cost is the labor required to operate machinery.
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Martina
Tue Oct 15 2024
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AltcoinExplorer
Tue Oct 15 2024
Conversely, if a company decides to reduce its production levels, it can do so by employing fewer workers, thereby decreasing the variable labor cost.
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