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Steph has just started her first semester of studying psychology at university. She hasn't met many people on campus yet but has made a small group of friends in her psychology classes. At lunch time, the group starts chatting about other students around campus. Steph says that 'all engineering students drink a lot, are only interested in sport, and have really bad dress sense'. Steph is showing signs of:
Institutional Elements
Components of a society's system, including laws, regulations, norms, and conventions that shape economic and social interactions.
Property Rights
This term denotes the legal rights to own, use, and dispose of assets. It's a foundational element of market economies, affecting the allocation and use of resources.
Standards of Living
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Developing Countries
Countries with a low living standard because of less human and physical capital per worker; typified by high rates of illiteracy, high unemployment, high fertility rates, and exports of primary products; also known as low-income and middle-income economies
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