The Tendency to Perceive What Is Right or Wrong, Good

question 12

True/False

The tendency to perceive what is right or wrong, good or bad, according to the categories and values in our own culture, is known as ethnocentrism.

---

Definitions:

Economic Life Cycle

The different stages an individual goes through from dependence to independence, potentially to wealth accumulation, and finally to retirement and dependence once more, in terms of earning and spending.

Savings Rates

The portion of disposable income that individuals, businesses, or economies save rather than spend on consumption, usually expressed as a percentage.

Permanent Income

A person’s normal income.

Transitory Income

Income that is temporary or not expected to recur on a regular basis, affecting individuals' spending and saving decisions.