Final answer:
The statement is True. Precautionary statements on labels are intended to warn of potential hazards to humans, pets, and the environment, aligning with the precautionary principle.
Step-by-step explanation:
The statement that "Precautionary Statements" are the potential hazards to humans, domestic pets, and the environment is True. Precautionary statements on labels provide information about potential dangers associated with a product, including risks to human health and the environment. They are part of the hazard communication elements meant to inform users of the precautions they should take when using a chemical or a product that could be harmful.
The concept related to potential hazards associated with human activities is encapsulated in the precautionary principle. This principle suggests that when the effects of a human activity are poorly understood, there must be an assumption that there is some level of risk to the environment, and therefore, the activity should be carried out with caution and responsibility.
A precautionary statement might indicate that certain chemicals, like CFCs, are environmentally harmful, indicating they are damaging to the ecosystem. Labels bearing such statements serve as an essential guidance to prevent health hazards and environmental harm.