ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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combination of companies that control the production or distribution of a product or service
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includes jobs with large firms holding dominant positions within their industries
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set of organizations that determine how goods and services are produced and distributed
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network of unrelated businesses operating under one umbrella
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system in which political decisions are made as a result of bargaining and compromise among special-interest groups
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Detailed explanation-1: -The economy is the social institution that organizes the production, distribution, and consumption of a society’s goods and services.
Detailed explanation-2: -Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.
Detailed explanation-3: -A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. These countries rely mostly on agriculture, gathering, hunting, and fishing. The barter system is characteristic of traditional economies.
Detailed explanation-4: -Economic Systems The answers to these questions depend on a country’s economic system-the means by which a society (households, businesses, and government) makes decisions about allocating resources to produce products and about distributing those products.
Detailed explanation-5: -A market economy is a type of economic system where supply and demand regulate the economy, rather than government intervention. A true free market economy is an economy in which all resources are owned by individuals.