Which of the following is an example of material culture ?
Correct answer: B. The football itself
- A. A football games
- B. The football itself
- C. The NFL rules
- D. "competition is good for you"
Explanation
Material culture consists of physical objects created or used by people, such as a football. A game, its rules, and beliefs about competition are parts of nonmaterial culture.
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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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