Accepting the Potential Costs, Duties, and Obligations for the Decisions

question 82

Multiple Choice

Accepting the potential costs, duties, and obligations for the decisions you make is referred to as

• A) responsibility.
• B) accountability.
• C) liability.
• D) due process.

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Definitions:

Demand

The quantity of a product or service that consumers are willing and able to purchase at various prices during a given time period.

Resource

Assets, materials, or valuable items that are available to be used to produce goods or services.

Derived Demand

The demand for a good or service resulting from the demand for another good or service, as seen in the demand for raw materials driven by the production of final goods.

Substitutes

Products or services that can satisfy the same need or desire, where an increase in the price of one leads to an increase in demand for the other.