The Three Major Phases of Economic Activity Are Production, Distribution

question 11

True/False

The three major phases of economic activity are production, distribution, and consumption.

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Definitions:

Claims Of Creditors

The legal rights of creditors to collect what is owed to them by a debtor.

Breach Of Peace

An act that disturbs public order or tranquility, such as fighting or causing a disturbance.

Repossession

The act of reclaiming ownership of property by a seller or lender from the buyer due to nonpayment or breach of terms.

Public Lot

Land owned by a governmental entity and designated for public use or available for public sale.