The Ability of a Good to Satisfy a Want Refers

question 131

Multiple Choice

The ability of a good to satisfy a want refers to its:

• A) utility.
• B) usefulness.
• C) worthiness.
• D) necessity.

---

Definitions:

Ratifying

The formal approval or confirmation of an agreement or treaty, often requiring the final consent of the involved parties or governing bodies.

Personal Liability

involves the responsibility of an individual to personally satisfy debt or liability, potentially involving personal assets.

Fiduciary Relationship

A legal relationship wherein one party has the duty to act in another's best interests in matters over which they hold a trust or confidence.

Director

A member of the board of directors of a company who is responsible for participating in the decision-making processes regarding the company's management.