NCh3 Concept Of Value Flashcards
1
Q
The most probable price is defined as
A
Market value
2
Q
The first basic characteristic of value is D for
A
Demand - there must be a demand for the item and the purchasing power to acquire it
3
Q
The second basic characteristic of value is U for
A
Utility - the item must be needed or wanted
4
Q
The third basic characteristic of value S for
A
Scarcity - there must be a limited supply
5
Q
The fourth basic characteristic of value is T for
A
Transferability - the item must be able to be sold
6
Q
Another name for an estimate of value is
A
Appraisal or opinion
