A Data Point Is an Individual Item on a Graph

question 56

True/False

A data point is an individual item on a graph or chart.

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Definitions:

Labor Input

Refers to the total hours worked or the number of employees engaged in production in the economy.

Goods and Services

The tangible products (goods) and intangible activities (services) that satisfy human wants and needs and are offered in the market.

Market Economy

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

Economic Activity

Economic activity refers to the actions that involve the production, distribution, and consumption of goods and services in an economy.