When Economists Are Trying to Explain the World, They Are

question 84

True/False

When economists are trying to explain the world, they are scientists, and when they are trying to help improve the world, they are policy advisers.

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Definitions:

Economic Development

The process by which the economic well-being and quality of life of a nation, region, or local community are improved according to targeted goals and objectives.

Foreign Aid

Financial or other forms of help given from one country to another for humanitarian or development purposes.

Free Trade

An economic policy that allows imports and exports between countries with minimal governmental restrictions or tariffs.

Foreign Competition

The presence of competing products or services from other countries in a domestic market.