Goods have value based on the use or labor required to produce them. Trading goods weakens their value, so gold became a medium of exchange. The value of a good is determined by a single consumer, but Marxist theory values goods based on socially acceptable labor. A physical good is an item that consumers can […]
Direct material cost is the amount of money spent on raw materials to make a product. Raw materials must be identifiable and consistently used to be part of this cost. It is used to determine product cost, establish selling price, and assess profitability. Direct material cost is the amount of money a company has to […]
A materials coordinator manages the flow of materials and supplies in industries such as construction, distribution, and manufacturing. They require intermediate computer skills and a minimum two-year college degree in business administration or logistics. The position requires coordination, procurement concepts, and knowledge of international shipping and customs management. Career advancement opportunities include executive and management […]
Material procurement involves purchasing goods or materials needed for production or resale. A procurement manager is responsible for meeting with suppliers, considering product use and pricing, and negotiating deals. Organic materials can also be part of the process, and government agencies may use a bidding process to purchase large quantities of items. Someone who is […]
A material handler is responsible for receiving, distributing, and storing all products, with good organizational skills being imperative. They must have clear communication skills and good math and computer skills, and often require experience in related positions. A material handler processes all goods received or shipped by a company. She is responsible for the physical […]
Manufacturers rely on raw material suppliers to collect and disseminate natural resources for efficient production. Suppliers may need exclusive use agreements and refining skills to sell directly to manufacturers, and must adjust offerings to ensure sustainability in the free market economy. Manufacturers convert raw materials and natural resources into useful goods for many different consumers. […]
