Definition of Mortality tables

Mortality tables

tables of probability that individuals of various ages will die within one year.

Mortality Tables

This is a statistical table used by life insurance companies showing the probability of death of male and females at all ages.

Input-output tables

tables that indicate how much each industry requires of the production of each other
industry in order to produce each dollar of its own output.

Morbidity Tables

These are statistical tables used by life insurance companies showing the probability of disease of male and females at all ages.

Mortality Rate

The death rates for various age groups of the population.

input-output coefficient

a number (prefaced as a multiplier
to an unknown variable) that indicates the rate at which each
decision variable uses up (or depletes) the scarce resource

Full-Employment Output

The level of output produced by the economy when operating at the natural rate of unemployment.

National Output

GDP.

Output Gap

The difference between full employment output and current output.

Potential Output or Potential GDP

output produced when the economy is operating at its natural rate of unemployment.

Cost object

Anything for which a measurement of cost is required – inputs, processes, outputs or responsibility centres.

efficiency

a measure of the degree to which tasks were performed
to produce the best yield at the lowest cost from
the resources available; the degree to which a satisfactory
relationship of outputs to inputs occurs

material yield variance

(standard mix X actual quantity X standard price) - (standard mix X standard quantity X standard price);
it computes the difference between the
actual total quantity of input and the standard total quantity
allowed based on output and uses standard mix and
standard prices to determine variance

program budgeting

an approach to budgeting that relates
resource inputs to service outputs

standard quantity allowed

the quantity of input (in hours or some other cost driver measurement) required at standard for the output actually achieved for the period

yield

the quantity of output that results from a specified input

yield ratio

the expected or actual relationship between input and output

Aggregate Production Function

An equation determining aggregate output as a function of aggregate inputs such as labor and capital.

Market Mechanism

The system whereby using prices, the interaction of supply and demand allocates inputs and distributes outputs.

Productivity

output per unit of input, usually measured as output per hour of labor.

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