In Markets, Peopleʹs Decisions Are Coordinated by

question 287

Multiple Choice

In markets, peopleʹs decisions are coordinated by

• A) learning-by-doing.
• B) adjustments in prices.
• C) specialization according to absolute advantage.
• D) changes in property rights.

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Definitions:

Contagion Theory

A theory in social psychology that explains how ideas, attitudes, and behaviors spread through groups and crowds, akin to the transmission of pathogens.

Breakdown Theory

A sociological theory that suggests societal breakdowns, such as high levels of dysfunction or disorganization, can lead to collective action and social movements.

Anomie

A state or condition of society or an individual characterized by a breakdown or absence of social norms and values, often leading to feelings of alienation and purposelessness.

Contagion Theory

A social theory suggesting that ideas, attitudes, and behaviors spread through groups as if they were infections, influencing individuals to adopt them without conscious realization.