ECONOMIC LIFE Definition

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ECONOMIC LIFE is the time period over which an asset(s) may generate economic benefits.

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THRIFT ASSOCIATIONS is a general term often used for mutual savings banks, savings and loan associations and credit unions.

LABOR THROUGHPUT VARIANCE reveals potential constraints on throughput caused by changes in the mix of products being produced. It is computed the way the traditional labor "efficiency" variance is computed but aggregated at a fairly high level (e.g., total plant or total department) and expressed as percent of actual clocked production hours vs. standard production hours.

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