Figure 1.3 -​The Greater the Economic Freedom in a Country, the Higher

question 87

True/False

Figure 1.3

-​The greater the economic freedom in a country, the higher is the index of human development.

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Definitions:

Consumption

Consumption involves the use of goods and services by households, and it's a primary component of economic activity.

Lottery

A lottery is a form of gambling that involves the drawing of numbers for a prize, often administered by state or federal governments.

Conspicuous Consumption

The act of spending money on and acquiring luxury goods and services to publicly display wealth and social status.

Thorstein Veblen

An American economist and sociologist known for his theory of the leisure class and critique of consumer culture.