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Although the text notes that some legislators do a good job of representing constituents whose demographic characteristics are different from those of the legislators, the book states that the social background of legislators is important because
Product Costs
Product costs are the costs directly associated with the manufacturing of goods, including materials, labor, and overhead.
Period Costs
These are costs that are not directly tied to production and are expensed in the period they are incurred, such as selling, general, and administrative expenses.
Factory Overhead
All indirect costs associated with manufacturing, such as indirect labor, maintenance, and utilities, not directly tied to a specific product.
Direct Labor Hours
The total number of work hours spent by employees who directly manufacture or produce goods.
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