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The Economic Essence of Costs and Self-Cost of Production
Kalenych I. S.

Kalenych, Iryna S. (2019) “The Economic Essence of Costs and Self-Cost of Production.” Business Inform 11:241–246.
https://doi.org/10.32983/2222-4459-2019-11-241-246

Section: Economics of Enterprise

UDC 657.431

Abstract:
The article is aimed at studying the economic nature of costs and self-cost of production. The economic essence of costs and self-cost of production is considered, analyzed and disclosed, as well as the author’s own opinion as to interpretation of this concept is formulated. The main task of any enterprise is to make a profit. Its size depends directly on the costs invested in the production and sale of goods, works or services, i.e. self-cost. The more such costs, the lower the return on business. If an entrepreneur understands how self-cost is formed, distinguishes its types, knows how to analyze factors of influence on the self-cost, knows and applies in practice the formulas of its calculation – success in business is guaranteed. That is why the economic essence of costs and self-cost of production is the basis of the enterprise’s efficient operation. The relevance of this problem is due to the fact that the calculation of the self-cost of production is defined for various purposes, one of which is pricing. This value is very important for the enterprise, because it accurately shows the total amount of money spent on the production of an article. In the future, it is used to set an effective price when marketing products. Thus, the analysis of essence of costs will not allow the enterprise to become unprofitable and uncompetitive because of the high price policy. Cost management is an important instrument in the economic management of enterprises.

Keywords: costs, production costs, self-cost of production, management of enterprises.

Fig.: 1. Tabl.: 1. Bibl.: 12.

Kalenych Iryna S. – Master, Department of Accounting and Taxation, Odesa National Economic University (8 Preobrazhenska Str., Odesa, 65082, Ukraine)
Email: [email protected]

List of references in article

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