When interaction is guided by shared and patterned expectations of behavior the social system has acquired a(n) ?
Correct answer: B. social structure
- A. social process
- B. social structure
- C. social stability
- D. social value system
Explanation
Repeated interaction guided by shared expectations creates a social structure, consisting of patterned relationships, statuses, and roles. A social process refers to interaction itself, not the stable pattern formed by it.
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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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