What Are the Two Types of Contingency Reserves and How

question 64

Essay

What are the two types of contingency reserves and how are they handled?

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Definitions:

Need

A basic requirement or necessity for survival or achieving a particular outcome.

Want

An expressed desire or wish for something that is not necessary for survival but may enhance the quality of life or provide satisfaction in some way.

Place

In marketing, refers to the distribution aspect and making the product available to the customer at the right location.

Inventory

The total amount of goods and materials held in stock by a business, warehouse, or store.