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Definitions from the Web

Term: Concept of Input Prices

Description: The concept of input prices refers to the understanding and analysis of the costs associated with the resources used in the production process of goods or services. It encompasses the study of the expenses related to raw materials, labor, equipment, and other inputs necessary for manufacturing a product or providing a service.

Sample Sentences:

1. The concept of input prices plays a crucial role in determining the overall cost of production.
2. Understanding how fluctuations in input prices affect profitability is essential for effective business management.
3. Analysts closely monitor the concept of input prices to identify potential cost-saving opportunities.

Senses and Usages:

1. Economic Sense:

Sense: In economics, the concept of input prices refers to the prices of various inputs used in the production process.

Sample Sentence: The company's profitability was greatly impacted by the sudden increase in input prices of raw materials.

2. Business Sense:

Sense: In business, the concept of input prices pertains to the costs associated with resources utilized in the production or service delivery.

Sample Sentence: The company decided to shift suppliers as the input prices offered by the current supplier were significantly higher compared to the market average.