Asked by McGwire Midkiff on Apr 27, 2024
Verified
Our industrialized economy consists of the following three sectors: consumption, savings and production.
Industrialized Economy
An economy characterized by significant industrial activity, high levels of income and employment, and a large manufacturing sector.
Consumption
The act of using goods and services by households or individuals, typically regarded as a primary economic activity.
Production
Production involves the process of creating, manufacturing, or enhancing goods and services.
- Identify the economic sectors of industrialized economies and their components.
Verified Answer
MM
Mahagoni McGriffApr 28, 2024
Final Answer :
False
Explanation :
Our industrialized economy consists of four sectors: households (consumption), businesses (production), government (public sector), and foreign sector (exports/imports). The concept of savings is typically grouped within the household and business sectors.
Learning Objectives
- Identify the economic sectors of industrialized economies and their components.