A Value System Refers to a Set of Personal Principles

question 23

True/False

A value system refers to a set of personal principles formalized into a code of behavior.

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Definitions:

Public Good

A product that one individual can consume without reducing its availability to another individual and from which no one is excluded.

Lighthouse

A tall structure with a powerful light at the top, located near or on the shore, providing navigation guidance to maritime pilots at sea or on inland waterways.

Willingness To Pay

The maximum amount that a buyer will pay for a good.

Public Park

An area of natural, semi-natural or planted space set aside for human enjoyment and recreation or for the protection of wildlife or natural habitats.