Deciding How Products of a Society Are Distributed Among the Citizens

question 60

Multiple Choice

Deciding how products of a society are distributed among the citizens in an economy answers the economic question of:

• A) Who consumes the products produced?
• B) Where will the products produced be consumed?
• C) What will be produced?
• D) How will we produce it?

---

Definitions:

Abnormal Spoilage

Refers to waste or destruction of inventory beyond what is expected in normal manufacturing processes, often due to production defects or inefficiencies.

Prior Process Costs

Expenses that have been incurred in earlier stages of production or processing, which are carried forward into the cost of subsequent production processes.

Transferred In Costs

Costs associated with items that are partially produced in one department of a company and then moved to another department for further processing or completion.

Process

A series of actions or steps taken in order to achieve a particular end.