Socialization happens in__________________?
Correct answer: C. persons of all ages
- A. children
- B. adults
- C. persons of all ages
- D. infants
Explanation
Socialization is a lifelong process: children learn basic norms, while adults continue adapting to new roles, institutions and social expectations. It is therefore not limited to any one age group.
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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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