Question

find a current article about the cost production and write a two page summary that relates into personal or professional life and woth the keypoints

Answer 1

Production cost is the cost incurred by business from manufacturing production or services. This includes variety of expenses for labour, raw materials, consumable manufacturing supplies and general overhead. Total cost will increase with rise in the level of production with respect to fixed cost. The production cost will increase with respect to rise in wage rates and labour demand. The wage rate was mainly depends on the marginal productivity. The production cost depends on the development of specific forces and specific nature of the conditions for the reproduction of aggregate product and work force. If the labour productivity rises, the total production increased at the same time, the production cost rises. This will create surplus in the market and restore the ability to work.
In capitalist system production cost comprises of social labour and capital. The capitalist cost measured by expenditure of the capital and actual cost measured by expenditure of the labour. This will reveal the real contradiction and class antagonism between labour and capital. Marx explained the immanent production cost of the commodity will equal to its value. Labour theory of value was explained by Marx and giving preference to the time spends by labour for producing the commodity. The surplus value created by workers is appropriated by capitalist without any compensation and arise the difference between true production costs and capitalist production cost.
In socialism the production cost is the aggregate expenditure of social labour for the manufacturing of the product, and this will make the value of the product. The prime cost expresses in monetary terms in socialist enterprises. The ratio between the price and prime cost of production determine the economic activity of enterprises and profitability from the production. The level of production cost in socialist society is planned in both monetary and physical forms. There is a rational use of society’s labour, material and labour resources can be seen here. The rise of social labour will reduce the production cost.