Three Decades Ago, There Were Three Distinct Types of Products

question 35

Multiple Choice

Three decades ago, there were three distinct types of products for individuals: insurance products that included ________; savings/ investment products that included ________; retirement products included ________.

• A) health insurance; stocks, bonds, and mutual funds; term life and whole life
• B) health insurance; stocks, bonds, and mutual funds; Social Security and IRAs
• C) term life and whole life; stocks, bonds, and mutual funds; Social Security and IRAs
• D) term life and whole life; short-term government securities; Social Security and IRAs

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Definitions:

Italy

A country located in southern Europe, known for its rich history, cultural heritage, and significant contributions to art, food, and fashion.

Specialization

The process by which individuals, organizations, or nations concentrate on producing a limited range of goods or services, to increase efficiency and productivity.

Exchange

The act of trading goods, services, currencies, or other commodities between parties.

Self-interest

The pursuit of personal advantages and well-being, often guiding individual economic decisions.