List the Four Key Characteristics of Money If It Is

question 35

Short Answer

List the four key characteristics of money if it is to be a suitable means of exchange.

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Definitions:

Machine-Hours

Machine-hours are a measure of the amount of time a machine is operated, used in allocating manufacturing overhead based on usage.

Direct Labor-Hours

The number of labor hours spent by employees directly working on the production of goods or services.

Casting

A manufacturing process where a liquid material is poured into a mold, which contains a hollow cavity of the desired shape, and then allowed to solidify.

Assembly

The phase in manufacturing where components are put together to form a final product.