Institution are_________________?
Correct answer: C. traditional habits centering around fundamental human needs
- A. unimportant
- B. found among all animals
- C. traditional habits centering around fundamental human needs
- D. places like schools and banks
Explanation
A social institution is an established pattern of behavior or organization built around basic needs such as education, family, religion, or the economy. It is not merely a physical place such as a school or bank.
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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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