"Create a Better Mousetrap and the World Will Beat a Path

question 348

True/False

"Create a better mousetrap and the world will beat a path to your door." This statement is consistent with the idea behind the commercialization of products.

---

Definitions:

Great Depression

A severe worldwide economic downturn that took place during the 1930s, characterized by widespread unemployment, deflation, and a significant decline in economic activity across the globe.

Unemployment

The situation where individuals who are capable of working and are actively seeking work are unable to find employment.

Output

The total amount of goods and services produced by an economy over a certain period of time.

Money Supply

The money supply is the total amount of monetary assets available in an economy at a specific time, including cash, bank deposits, and other liquid assets.