The Statement "People Have Unlimited Wants," Implies That People

question 29

Multiple Choice

The statement "people have unlimited wants," implies that people:

• A)always want more goods/services than they can purchase with their incomes.
• B)always have a desire to hold liquid money.
• C)always strive to be the best they can be.
• D)generally desire for goods and services which they can afford out of their income.
• E)try to earn more and more money as their experience at work increases.

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Definitions:

Retained Earnings

Cumulative net income of a company that is retained within the business rather than distributed to shareholders as dividends.

Cost of Goods Sold

The total cost directly associated with producing goods, including materials and labor expenses, that a company sells during a specific period.

Collections

The process of recovering amounts owed to a business by its debtors or customers.

Net Income

Net income is the total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.