An example of a basic pivotal institution is_____________?
Correct answer: D. the family
- A. show business
- B. gossip
- C. sports
- D. the family
Explanation
The family is a basic pivotal institution because it performs essential functions such as reproduction, socialization, care and economic support. Show business, gossip and sports are activities or cultural phenomena, not fundamental institutions.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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