Standard of Living Is Defined as the Necessities,comforts,and Luxuries Desired

question 96

True/False

Standard of living is defined as the necessities,comforts,and luxuries desired by an individual or a group.

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Definitions:

Encourage Efficiency

Motivate actions or processes to achieve maximum productivity with minimum wasted effort or expense.

Sunk Costs

Costs that have already been incurred and cannot be recovered, and thus should not influence future business decisions.

Opportunity Costs

Represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Accounting System

A systematic process of recording, summarizing, and analyzing financial transactions of a business to provide accurate financial information.