The Systems That Societies Evolved to Produce Goods and Services

question 84

Multiple Choice

The systems that societies evolved to produce goods and services, and distribute them, are called

• A) economic corporations.
• B) economic institutions.
• C) agricultural institutions.
• D) the business sector of a society.

Distinguish between positive and negative externalities and their effects on social welfare.

Comprehend the purpose and impact of the patent system on technological advancements.

Understand the mechanisms of internalizing externalities to correct market outcomes.

Identify examples of government policies aimed at addressing externalities.

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Definitions:

Bobo Doll

A term referencing an experiment in social psychology that demonstrated how children imitate behaviors observed in adults, particularly acts of aggression.

Catharsis

The process of releasing, and thereby providing relief from, strong or repressed emotions, often through art, drama, or psychological means.

Death Instinct

A concept in psychoanalytic theory referring to an unconscious drive toward decay, destruction, and death.

Thanatos

In Freudian theory, the destructive, death instinct.