Costing Systems Record the Cost of Resources Acquired,such as Materials,labour

question 23

True/False

Costing systems record the cost of resources acquired,such as materials,labour and equipment,and track how those resources are used to produce and sell products or services.

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Definitions:

Diminishing Marginal Utility

A principle stating that as a consumer consumes more of a good or service, the utility (satisfaction) gained from each additional unit decreases.

Supply Curves

Graphical representations that show the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Demand Curves

Graphical representations showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase.

Satisfies Consumer Wants

The fulfillment of consumer desires and needs through the provision or consumption of goods and services.