EDIT:
You also described Public key cryptography as having "2 different keys. One allows for encryption and the other for decryption. In this case, the decryption key is public so everyone can decrypt." This misses the mark a little bit. The public key could be used to encrypt as well, so that only the holder of the private key can read the information. Using the private key to encrypt is generally used in digital signatures so that the recipient can verify that the sender is who they claim to be. This scenario doesn't attempt to keep the data secret, because anyone with access to the public key can decrypt the data.
You distinguish between "knowing, doing, or owning" and "something you know, something you have, or something you are"? I guess there might be a slight difference between doing and something you are, but I'm not sure I see the difference?
re. Public Key Crypto. Yes. Using the public key to decrypt and the private key to encrypt is how to use Public Key for author verification and you can reverse it for encryption. One validates the author and the other protects the data.
You are right to say that a better way of saying the sentence would be: "in the case of digital signatures, the public key is used to decrypt thus everyone can decrypt."
Thanks for helping me with this. Will have to be more more clear next time I write something.