Explain What a Social Institution Is and Give Several Examples

question 40

Essay

Explain what a social institution is and give several examples, defining what each does.

Identify examples of renewable and nonrenewable resources.

Analyze the consequences of overextraction and poorly defined property rights on resource sustainability.

Understand the implication of changes in user costs on extraction decisions and future profits.

Interpret economic data and graphs related to resource extraction costs and market conditions.

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Definitions:

Restrictive Covenant

A private restriction on the use of land. If its benefit or obligation passes with the land’s ownership, it is said to “run with the land.”

Ongoing Business

A term referring to a company or enterprise that is actively engaged in business operations without interruption.

Specific Performance

A legal remedy in contracts law where a court orders a party to perform their obligations under a contract, rather than simply paying damages.

Legal Remedy

The means by which a court of law enforces a right, imposes a penalty, or makes another court order to impose its will.