A Basic Understanding of Economics Is Needed to Be an Informed

question 156

True/False

A basic understanding of economics is needed to be an informed citizen.

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Definitions:

Public Goods

Goods that are neither excludable nor rival in consumption.

Private Goods

Goods that are both excludable and rival in consumption.

Industrial Machinery

Machines and equipment designed and used in the manufacturing and production sector.

Factor Of Production

Resources utilized in the creation of goods and services, including land, labor, capital, and entrepreneurship.