Part 8 Flashcards

1
Q

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

A

Cost

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2
Q

Of the 3 valuation types, which two are facts?

A

Cost and Price

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3
Q

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

A

Price

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4
Q

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

A

Value

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5
Q

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

A

Utility

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6
Q

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

A

Scarcity

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7
Q

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

A

Desire

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8
Q

Four factors of Value are:
D________
U________
E_________
S________

A

Desire
Utility
Effective purchasing power
Scarcity

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