What Term Best Refers to Interrelated Beliefs,values,material Practices,and Norms of Behavior

question 30

Multiple Choice

What term best refers to interrelated beliefs,values,material practices,and norms of behavior that exist in an industry at any given time?

• A)Institutional elements
• B)Institutional standards
• C)Institutional influences
• D)Institutional logics
• E)Institutional ideas

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Definitions:

Pareto Optimal

Pareto optimal describes a state in an economic system where it’s impossible to make any one individual better off without making at least one individual worse off, indicating an efficiency in resource allocation.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning one person's consumption does not reduce availability for others and cannot exclude others from using them.

Private Consumption

Expenditure by households on goods and services, excluding purchases of dwellings, which is a key component in the calculation of a country's Gross Domestic Product (GDP).

Pareto Efficient

An economic condition wherein resources are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.