Sociologists Define an Institution as

question 67

Multiple Choice

Sociologists define an institution as

• A)a general idea about what is important or desirable.
• B)a building where people with special needs live and are cared for.
• C)a collection of people who have something in common.
• D)an established and enduring social pattern of social relationships.

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Definitions:

Consumption Goods

Goods that are used by consumers for personal or household purposes, intended to satisfy human wants or needs directly.

Time Preference

The tendency of individuals to value goods and experiences in the present more than in the future, influencing savings and investment decisions.

After-Tax Profit

The net income a company remains with after all the taxes have been subtracted from the total revenue.

Market Value

The price at which an asset would trade in a competitive auction setting.