What Three Characteristics Must an Economic Resource Have in Order

question 23

Short Answer

What three characteristics must an economic resource have in order be considered an asset?

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Definitions:

Service Department

A segment within a company that provides support services to the production departments or other direct operational areas, helping them operate efficiently.

Charge Rates

Prices or rates established for services provided, often used in professional industries like law and consulting.

Residual Income

The excess of divisional income from operations over a “minimum” acceptable income from operations.

Return On Investment

A performance measure used to evaluate the efficiency or profitability of an investment, calculated by dividing the profit of an investment by its cost.