How to Calculate the Prime Cost. For example, the prime costs for creating a table would include raw materials such as the lumber, hardware and paint. For all of the materials, it would cost $200. In this example, it would take three hours to finish the product for sale, and would cost $50 per hour. To find the prime cost of the table, it would then look like this: $200 (Raw Material) + $150 (Direct Labor) = $350 (Prime Cost) Knowing that the prime cost is $350 means that the business cannot sell the table for under $350 unless they wish to incur a loss.
Noleppa and Cartsberg, in their 2013 working paper Agricultural Self-sufficiency of the European Union: Statistical Evidence comment that âThe information base on the EUâs agricultural self-sufficiency is very weakâ.
Autarky. Economic self-sufficiency. That is, a country has autarky when it does not need to engage in any sort of international trade. Rather, it produces all of its goods and services within the country. Autarky is rare in the modern world, but some examples include Cambodia under the Khmer Rouge and India prior to 1991.