What kind of a system is the economic institution ?
Correct answer: A. Cultural and social
- A. Cultural and social
- B. Religious and educational
- C. Semantic and semitic
- D. Typically, American
Explanation
An economic institution is part of the wider social system and reflects a society's culture, including its norms about production, exchange and ownership. The other choices do not describe the usual nature of economic 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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