Final answer:
The economic factors that shorten an asset's service life are obsolescence, supersession, and inadequacy, with all answer choices being correct option (d). These factors are related to the concept of planned obsolescence, where products are designed to have a limited lifespan.
Step-by-step explanation:
Economic factors that shorten the service life of an asset include obsolescence, supersession, and inadequacy. All of these answer choices are correct. When an asset experiences obsolescence, this means it has become outdated due to technological advancements or changes in consumer preferences.
Supersession occurs when a new product or technology replaces the old. Inadequacy refers to the situation where the asset no longer meets the growing needs or demands, potentially due to increased capacity requirements or efficiency standards.
The concept of planned obsolescence is a common business practice where products are designed with a limited useful lifespan to encourage consumers to purchase newer models more frequently, as seen with technologies like mobile phones and laptops. This practice leads to increased waste and consumption as products are discarded and replaced at a faster rate.