ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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political institution
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economic institution
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family institution
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religious institution
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Detailed explanation-1: -Politics refers to the distribution and exercise of power within a society, and polity refers to the political institution through which power is distributed and exercised. In any society, decisions must be made regarding the allocation of resources and other matters.
Detailed explanation-2: -political system, the set of formal legal institutions that constitute a “government” or a “state.” This is the definition adopted by many studies of the legal or constitutional arrangements of advanced political orders.
Detailed explanation-3: -1. To maintain integration of society by determining norms. 2. To adapt and change elements of social, economic, religious systems necessary for achieving collective (political) goals.
Detailed explanation-4: -Political power can be described as informational and compliance-based. Types of power can be divided into authority, persuasion, and coercion to gain control under the three process theory.