Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output). It is the act of creating output, a good or service which has value and contributes to the utility of individuals.
https://en.wikipedia.org/wiki/Production_(economics)
• PRODUCTION COST (noun). The noun PRODUCTION COST has 1 sense: 1. combined costs of raw material and labor incurred in producing goods. Familiarity information: PRODUCTION COST used as a noun is very rare.
http://www.audioenglish.org/dictionary/production_cost.htm
Real process generates the production output from input, and it can be described by means of the production function. It refers to a series of events in production in which production inputs of different quality and quantity are combined into products of different quality and quantity.
https://en.wikipedia.org/wiki/Production_(economics)
The levelized cost of electricity (LCOE), also known as Levelized Energy Cost (LEC), is the net present value of the unit-cost of electricity over the lifetime of a generating asset. It is often taken as a proxy for the average price that the generating asset must receive in a market to break even over its lifetime.
https://en.wikipedia.org/wiki/Cost_of_electricity_by_source
To evaluate the total cost of production of electricity, the streams of costs are converted to a net present value using the time value of money. These costs are all brought together using discounted cash flow.
https://en.wikipedia.org/wiki/Cost_of_electricity_by_source
The levelized cost of electricity (LCOE) is a measure of a power source which attempts to compare different methods of electricity generation on a comparable basis.
https://en.wikipedia.org/wiki/Cost_of_electricity_by_source
Production Cost Advantage. The ability for an economic actor to produce a good or service at a lower cost. For example, if a company produces 100 widgets for $50 and a second company produces 100 widgets for $25, the second company has a production cost advantage in the production of widgets. See also: comparative advantage, absolute advantage.
http://financial-dictionary.thefreedictionary.com/Production+Cost+Advantage
Definition and Meaning: By Cost of Production is meant the total sum of money required for the production of a specific quantity of output. In the word of Gulhrie and Wallace: In Economics, cost of production has a special meaning. It is all of the payments or expenditures necessary to obtain the factors of production of land, labor, capital and management required to produce a commodity. It represents money costs which we want to incur in order to acquire the factors of production.
http://www.economicsconcepts.com/concept_of_cost_of_production.htm
Calculations of these costs at the point of connection to a load or to the electricity grid can be made. The cost is typically given per kilowatt-hour or megawatt-hour. It includes the initial capital, discount rate, as well as the costs of continuous operation, fuel, and maintenance.
https://en.wikipedia.org/wiki/Cost_of_electricity_by_source
In the case of a single production process (described above) the output is defined as an economic value of products and services produced in the process. When we want to examine an entity of many production processes we have to sum up the value-added created in the single processes.
https://en.wikipedia.org/wiki/Production_(economics)
definition of production costs
The definition of Production costs is the combined costs of raw material and labor incurred in producing goods. The definition of production costs is the combined cost of raw material and labor incurred in producing goods.