The Ability of a Good or Service to Satisfy Wants

question 336

Multiple Choice

The ability of a good or service to satisfy wants is called

• A)utility maximization.
• B)opportunity cost.
• C)revenue potential.
• D)utility.

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Definitions:

Cash-Out Combination

A financial strategy involving the refinance of a mortgage by taking out a loan that is larger than the existing one, providing the borrower with cash from the equity built up in the property.

Fairness

implies impartial and just treatment or behavior without favoritism or discrimination.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across U.S. states.

Inventory

The complete list of items such as goods, materials, and merchandise that a business holds with the intent to sell.