Societies with landed gentry and inherited titles resemble_________________?
Correct answer: B. estate systems
- A. caste systems
- B. estate systems
- C. class systems
- D. status systems
Explanation
An estate system is based on legally recognized social orders, such as nobles with inherited titles and landed property. Caste systems are usually hereditary occupational groups, while class systems are more open to social mobility.
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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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