Systems of beliefs and behavior designed to meet basic human needs are called ?
Correct answer: D. institutions
- A. the welfare system
- B. religions
- C. government
- D. institutions
Explanation
Institutions are organized systems of beliefs, roles, and behavior that meet recurring social needs, such as family, education, religion, and government. Religion is only one type of institution, not the general category.
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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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