Wants

question 111

Multiple Choice

Wants

• A) is another term for needs.
• B) refer to services while needs refer to goods.
• C) is the term used by economists instead of needs because needs are not objectively definable.
• D) are used by economists and refer to the same thing as needs when used by psychologists.

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Definitions:

Product Costs

Expenses directly linked to the production of goods, covering materials, labor, and manufacturing overhead costs.

Activity-based Costing

A pricing technique that determines activities within a company and allocates the expense of each activity across all products and services based on their actual usage.

Machining Costs

Expenses associated with the operation of machine tools in the manufacturing process, including labor, maintenance, and the wear and tear of the machinery.

Quality Inspection Costs

Expenses associated with the process of checking goods or services for compliance with required quality standards.