Which is an example of a pivotal social institution ?
Correct answer: B. The economy
- A. A rock bands
- B. The economy
- C. A jail
- D. A symphony orchestra
Explanation
The economy is a pivotal social institution because it organizes the production, distribution, and consumption of goods and services. A rock band, jail, or orchestra is an organization or facility rather than a central institution of society.
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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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