________ Is the Ability of a Product to Satisfy a Human

question 186

Multiple Choice

________ is the ability of a product to satisfy a human want.

• A) Utility
• B) Relative advantage
• C) Content
• D) Satisfaction

---

Definitions:

Periodic Inventory

An inventory system where the inventory count and cost of goods sold calculations are conducted at specific intervals.

FIFO

FIFO (First-In, First-Out) is an inventory valuation method where goods first purchased or produced are the first ones sold.

Periodic

Occurring or repeating at regular intervals.

Inventory Record

Documentation that tracks the quantities and value of products a company holds for sale.