production costs(redirected from Cost-of-production theory of value)
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production coststhe costs of converting FACTOR INPUTS into higher value OUTPUTS of goods and services. The costs of manufacturing products include costs of raw materials, labour costs, depreciation and maintenance of plant and equipment, and rent, rate, lighting and heating of factory buildings. See also PRODUCTION FUNCTION, COST FUNCTION.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005