_____ Is the Study of the Economic Choices of Individual

question 37

Multiple Choice

_____ is the study of the economic choices of individual consumers, families, or businesses.

• A) Macroeconomics
• B) Microeconomics
• C) Sociology
• D) Statistics

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Definitions:

Sociocultural Norms

Shared patterns of behaviors, beliefs, and values that regulate the interactions of people in specific social groups.

Referent Power

Referent power is the capacity to influence other people because of their desire to identify personally with you.

Group Pressures

The social influence exerted by peers or a group to encourage an individual to conform to the group’s norms and expectations.

Force-Coercion Strategy

Pursues change through formal authority and/or the use of rewards or punishments.