Final answer:
The term being defined here is Replacement cost. It is an estimate of the price tag for replacing property based on cost per square foot or cubic foot.
Step-by-step explanation:
The subject of this question is Business. The term being defined here is Replacement cost. Replacement cost is an estimate of the price tag for replacing property based on cost per square foot or cubic foot. It is one of the methods used in appraisals to determine the value of a property. The assessment is done by considering the cost of replacing the property, taking into account factors such as materials, labor, and any other expenses associated with rebuilding.