Part 8

Question 1

The actual or estimated amount required to create, reproduce, replace or obtain a property

Answer 1

Cost

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Question 2

Of the 3 valuation types, which two are facts?

Answer 2

Cost and Price

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Question 3

________ is the amount asked, offered or paid for a property

Answer 3

Price

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Question 4

_________ is based on exchange and is an economic concept, not a fact

Answer 4

Value

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Question 5

_________ is the ability of a product to satisfy a human want, need or desire and is a factor of value

Answer 5

Utility

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Question 6

________ is the present or anticipated under supply of an item relative to the demand for it. Conditions of _________ contribute to value

Answer 6

Scarcity

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Question 7

____________ is a purchasers wish for an item to satisfy human needs or individual wants beyond essential supporting needs

Answer 7

Desire

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Question 8

Four factors of Value are:
D________
U________
E_________
S________

Answer 8

Desire
Utility
Effective purchasing power
Scarcity

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