Economists Refer to Utility as the

question 32

Multiple Choice

Economists refer to utility as the

• A)satisfaction that a producer receives from selling a good.
• B)satisfaction that a consumer receives from consuming a good.
• C)revenue that a seller receives from selling a good.
• D)price that a consumer pays for a good.
• E)difference between the value and the price of a good.

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Definitions:

Budget

An estimate of income and expenditure for a set period of time, serving as a financial plan and control method.

Budgeted Balance Sheet

A budgeted balance sheet forecasts a company's financial position at the end of a future period, projecting assets, liabilities, and equity.

Capital Expenditure Budgets

Financial plans for an organization's purchases of long-term assets that will be used for more than one year.

Manufacturing Budgets

Financial plans that allocate how much a company intends to spend on production costs to produce a certain amount of goods within a period.