capacity

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Capacity

Credit grantors' measurement of a person's ability to repay loans.

Capacity

The theoretical maximum number of products a company can produce at a given time. For example, an oil pump may have a capacity of X barrels per day, meaning that it cannot produce more than X. Companies rarely operate at full capacity, both to allow themselves leeway in the event of increased demand and because capacity may not be possible at a given time because of worker illness, machinery maintenance, or other reasons.

capacity

the maximum amount of output that a firm is physically capable of producing, at a point in time, given the fullest and most efficient use of its existing plant or plants.

Over time, a firm may adjust its capacity to meet changes in demand and the competitive situation facing it, investing in new plant or extending existing plant to meet an increase in demand, or closing down plant, permanently or temporarily (‘MOTHBALLING’), to meet a situation of OVERCAPACITY.

When preparing a PRODUCTION BUDGET, it is necessary to ensure that the firm has sufficient production capacity to meet planned output levels. A firm's capacity or the capacity of industry in general may be limited by the availability of capital equipment and labour.

The maximum rate of output which the firm can produce will depend upon the capacity of its individual factories which in turn depends upon the capacity of various departments and work stations within each factory See INPUT-OUTPUT CONTROL, PRODUCTION SCHEDULING, PRODUCTION-LINE BALANCING. See CAPACITY UTILIZATION, LIMITING FACTOR, RATIONALIZATION, INDIVISIBILITIES, CAPACITY CONSTRAINED RESOURCE, CAPACITY CONTROL, CAPACITY CUSHION, CAPACITY PLANNING, CAPACITY REQUIREMENTS PLANNING.

capacity

  1. 1the maximum amount of output that a firm or industry is physically capable of producing given the fullest and most efficient use of its existing plant. In microeconomic theory, the concept of full capacity is specifically related to the cost structures of firms and industries. Industry output is maximized (i.e. full capacity is attained) when all firms produce at the minimum point on their long-run average total cost curves (see PERFECT COMPETITION). If firms fail to produce at this point, then the result is EXCESS CAPACITY.
  2. in macroeconomics, capacity refers to POTENTIAL GROSS NATIONAL PRODUCT. The percentage relationship of actual output in the economy to capacity (i.e. potential national income) shows capacity utilization. See also MONOPOLISTIC COMPETITION.

capacity

The legal ability of parties to enter into contracts.
• Full capacity. Having unlimited ability to enter into binding contracts of all types.
• Limited capacity. Having the ability to enter into binding contracts for certain things, such as a minor's contracts for necessities, but also having the ability to disaffirm other contracts upon reaching legal age, for example.
• No capacity. Having no ability to enter into contracts, such as one who has been adjudicat- ed as mentally incompetent.

References in periodicals archive ?
If you have a particular status and then lose the mental capacity to change it, you can be stuck in a situation forever--including a loveless marriage.
Whatever the historical basis may have been in holding that marriage is a simple contract not requiring a high degree of mental capacity, that ought not to be the case in modern times.
As living wills are not an entirely new concept many groups welcome the Mental Capacity Bill as a means of placing these on a formal footing.
In Singapore, primary care physicians assess the mental capacity of every patient; a second opinion from a consultation-liaison psychiatrist is sought when there is any doubt, usually if the patient has a mental disorder.
The LPA was introduced in 2007 and has to be set up and registered with the OPG while a person still has their full mental capacity and can make their own decisions.
The LPA was introduced in 2007 and has to be set up and registered with the Office of the Public Guardian while a person still has their full mental capacity and can make their own decisions.
Aligned with the College of Social Work's Best Interests Assessor (BIA) capabilities, the statutory requirements for the BIA role in the Mental Capacity Regulations 2008, and the continuing professional development curriculum for social workers on the application of the Mental Capacity Act in the UK, this handbook describes the ethical and practical challenges of applying UK law to practice to Best Interests Assessors working with individuals who may lack mental capacity to consent to their care and treatment in care homes and hospitals.
You are disqualified if you: | | Are liable to be detained under the Mental Health Act 1983 | Resident in a hospital on account of a mental disorder | Lack mental capacity to serve as a juror, within the meaning of the Mental Capacity Act 2005 | Have ever been jailed for five years or more | Have in the last 10 years served any part of a jail sentence | Have received a suspended jail sentence.
Mental capacity is always regarded as the most vital forces in human lives.
Anyone who is at least 18 years of age and who has mental capacity may make a Will that appoints an Executor.
A psychiatrist who examined Sumner Redstone twice last month found the 93-year-old retained the mental capacity needed to remove Viacom Inc.
The judge said he had been asked to analyse issues relating to her mental capacity to make decisions at a Court of Protection hearing in Newcastle.