The Context for Explaining Trade on the Basis of Human

question 1

Multiple Choice

The context for explaining trade on the basis of human skills was the lack of the following types of human skills

• A) scientist, managerial, technical and skilled labor skills
• B) light assembly skills.
• C) manual dexterity and uniform skills.
• D) clerical and stenographical skills.

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Definitions:

Direct Labor

The wages and salaries paid to employees who are directly involved in the production of goods or the provision of services.

Manufacturing Overhead

Costs in the production process that are not directly tied to a specific product, such as factory utilities or salaries of supervisors.

Product Costs

Expenses directly tied to the production of goods or services, including direct materials, direct labor, and manufacturing overhead.

Absorption Costing

A method of costing that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a unit of product.