In General,when Were Transportation and Communications Costs Significant Barriers to Developing

question 16

Essay

In general,when were transportation and communications costs significant barriers to developing an integrated internal market system in the U.S.? Why did these costs vary between North and South? Between East and West? What broke down these barriers?

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Definitions:

Labor Rate Variance

The financial difference between the actual cost of labor and the budgeted (or standard) cost of labor, influenced by the wage rates paid and the amount of labor hours used.

Labor Standards

Benchmarks or norms established for the amount of labor required to perform a task efficiently, often used to set production targets and labor budgets.

Particular Product

A specific item or good offered for sale by a business.

Labor Rate Variance

The difference between the actual cost of labor and the expected (or budgeted) cost of labor based on standard rates and hours.