prime cost

prime cost
noun
1. : the combined total of raw material and direct labor costs incurred in production
2. : the direct or immediate cost of a commodity; specifically : the cost or expenses of producing or obtaining a commodity exclusive of general expenses of management involved and of profit on capital

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that part of the cost of a commodity deriving from the labor and materials directly utilized in its manufacture.
[1710-20]

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prime cost
The price of production, without regard to profit or overhead expenses
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Main Entry: ↑cost
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prime cost see under ↑cost1
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Main Entry: ↑prime

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prime cost UK US noun [countable/uncountable] [singular prime cost plural prime costs] business
the money that is needed for the materials and workers involved in making a product
Thesaurus: prices and costssynonym types of prices and describing prices and costshyponym
See also: overhead

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prime cost,
the cost of the labor and material in production.

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n. the direct cost of a commodity in terms of the materials and labor involved in its production, excluding fixed costs

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ˈprime cost 7 [prime cost] (also ˈfirst cost) noun countable, uncountable (business)
the cost of sth calculated by adding the cost of materials used to make it and the cost of paying sb to make it, but not including costs that are connected with running a business, such as rent and electricity
See also: ↑first cost

Useful english dictionary. 2012.

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Look at other dictionaries:

  • prime cost — UK US noun [C] ► ACCOUNTING DIRECT COST(Cf. ↑direct cost) …   Financial and business terms

  • prime cost — n. The true price paid for something; the true cost of an item, including the material and labor used to produce it. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • prime cost — prime′ cost′ n. that part of the cost of a commodity deriving from the labor and materials directly utilized in its manufacture • Etymology: 1710–20 …   From formal English to slang

  • prime cost — n. the direct cost of labor and material in producing an article, exclusive of capital, overhead, etc …   English World dictionary

  • prime cost — noun count or uncount BUSINESS the money that is needed for the materials and workers involved in making a product ─ compare OVERHEAD …   Usage of the words and phrases in modern English

  • Prime Cost — A business’s expenses for the materials and labor it uses in production. Prime cost is a way of measuring the total cost of the production inputs needed to create a given output. By analyzing its prime costs, a company can determine how… …   Investment dictionary

  • prime cost — UK / US noun [countable/uncountable] Word forms prime cost : singular prime cost plural prime costs business the money that is needed for the materials and workers involved in making a product See: overhead …   English dictionary

  • prime cost — 1. *Direct costs in a manufacturing process. Prime costs usually exclude *overheads. 2. An alternative term for *conversion cost …   Auditor's dictionary

  • prime cost — noun Date: 1698 the combined total of raw material and direct labor costs incurred in production; broadly cost less vendor s or agent s commission for charges …   New Collegiate Dictionary

  • prime cost — that part of the cost of a commodity deriving from the labor and materials directly utilized in its manufacture. [1710 20] * * * …   Universalium

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