A Measure of the Minimum Requirements Needed for People to Have

question 54

True/False

A measure of the minimum requirements needed for people to have the basic standards of food,clothing,and shelter is what sociologists mean by absolute poverty.

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Definitions:

Assets

Resources owned or controlled by a business or an individual that are expected to produce positive economic value.

Liabilities

Financial obligations or debts owed by a business to others that must be settled over time through the transfer of economic benefits.

Measurement Principle

An accounting principle that determines the specific basis on which economic events are recognized and quantified.

Monetary Unit Assumption

An accounting principle that assumes transactions and events can be expressed in stable units of money, facilitating their comparison and measurement.