Why Is Gold Very Expensive, Even Though It Is Not

question 89

Essay

Why is gold very expensive, even though it is not essential to life, while water, which is essential to life, is inexpensive?

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Definitions:

Accounting Standards

Guidelines and principles set by governing bodies that dictate how financial transactions are recorded and reported.

FASB

Refers to the Financial Accounting Standards Board, which is the organization responsible for establishing accounting and financial reporting standards in the United States.

Service Business

A company that provides intangible products or services to customers, as opposed to selling physical goods.

Managerial Accounting

A field of accounting focused on providing information to internal users to aid in decision-making, planning, and controlling operations.