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American system of manufacturing

The American system of manufacturing was a set of manufacturing methods that evolved in the 19th century. The two notable features were the extensive use of interchangeable parts and mechanization for production, which resulted in more efficient use of labor compared to hand methods. The system was also known as armory practice because it was first fully developed in armories, namely, the United States Armories at Springfield in Massachusetts and Harpers Ferry in Virginia, inside contractors to supply the United States Armed Forces, and various private armories. The name "American system" ...

American system of watch manufacturing

The American system of watch manufacturing is a set of manufacturing techniques and best-practices to be used in the manufacture of watches and timepieces. It is derived from the American system of manufacturing techniques, a set of general techniques and guidelines for manufacturing that was developed in the 19th century. The system calls for using interchangeable parts, which is made possible by a strict system of organization, the extensive use of the machine shop, and quality control systems utilizing gauges to ensure precise and uniform dimensions. It was developed by Aaron Lufkin Den ...

Asset (economics)

An asset in economic theory is a durable good which can only be partially consumed or input as a factor of production which can only be partially used up in production. The necessary quality for an asset is that value remains after the period of analysis so it can be used as a store of value. As such, financial instruments like corporate bonds and common stocks are assets because they store value for the next period. If the good or factor is used up before the next period, there would be nothing upon which to place a value. As a result of this definition, assets only have positive futures ...

Average daily rate

Average Daily Rate is a statistical unit that is often used in the lodging industry. The number represents the average rental income per paid occupied room in a given time period. ADR along with the propertys occupancy are the foundations for the propertys financial performance. ADR is one of the commonly used financial indicators in hotel industry used to measure how well a hotel performs compared to its competitors and itself year over year. It is common in the hotel industry for the ADR to gradually increase year over year bringing in more revenue. However, ADR itself is not enough to m ...

A Behavioral Theory of the Firm

The behavioral theory of the firm first appeared in the 1963 book A Behavioral Theory of the Firm by Richard M. Cyert and James G. March. The work on the behavioral theory started in 1952 when March, a political scientist, joined Carnegie Mellon University, where Cyert was an economist. Before this model was formed, the existing theory of the firm had two main assumptions: profit maximization and perfect knowledge. Cyert and March questioned these two critical assumptions.

Cash-flow diagram

A cash-flow diagram is a financial tool used to represent the cashflows associated with a security, "project", or business. As per the graphics, cash flow diagrams are widely used in structuring and analyzing securities, particularly swaps. They may also be used to represent payment schedules for bonds, mortgages and other types of loans. In the context of business, and engineering economics, these are used by management accountants and engineers, to represent the cash-transactions which will take place over the course of a given project. Transactions can include initial investments, maint ...