In Input, or Factor, Markets

question 28

Multiple Choice

In input, or factor, markets

• A) consumers purchase products.
• B) firms supply goods.
• C) households supply resources.
• D) households demand goods.

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Definitions:

Material Culture

The physical objects, resources, and spaces that people use to define their culture, including artifacts, buildings, and landscapes.

Non-material Culture

The intangible elements of culture, such as beliefs, practices, norms, and values that influence the way members of a society live and interact.

Mores

Deeply held cultural norms and values that embody the moral views of a group or society.

Folkways

Are norms that specify social preferences. Because they are the least important norms, violating them evokes the least severe punishment.