What refers to the goods and services that are desired by human and will be acquired only after all the needs have been satisfied?
A. Producer products
B. Consumer products
C. Luxury
D. Necessity
Answer: Option C
Solution(By Examveda Team)
In the context of engineering economics, luxury refers to goods and services that are desired by humans but are acquired only after all the basic needs (necessities) have been satisfied. Luxuries are typically non-essential items or services that provide comfort, pleasure, or prestige, but they are not essential for survival or basic functioning. Therefore, the correct option is Option C: Luxury.Join The Discussion
Comments ( 1 )
Related Questions on Engineering Economics
The CRF (ep) is also known as: [CRF(EP) - 8% - 7], where
A. 8% is the rate of interest per year
B. Money is borrowed for n = 7 years
C. Both (A) and (B)
D. Neither (A) nor (B)
A. Sole proprietorship
B. Entrepreneurship
C. Partnership
D. Corporation
A. P 43,600.10
B. P 43,489.47
C. P 43,263.91
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A. Architect/engineer
B. Construction manager
C. Owner himself/herself
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the answer is luxury. Check again