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What Is an Economic Institution? Why Is It Important? Describe

question 21

Essay

What is an economic institution? Why is it important? Describe three economic institutions that regularly impact our daily lives.


Definitions:

Biological Drives

Basic, instinctual processes that motivate organisms to fulfill their needs, such as hunger, thirst, and the need for sleep.

Defense Mechanisms

Methods applied without conscious awareness to safeguard against the unease generated by thoughts or feelings that are not acceptable.

Reaction Formation

is a defense mechanism where an individual unconsciously replaces unacceptable feelings or impulses with their opposites, often seen in behaviors that contradict true feelings.

Convince Others

The process of persuading someone to agree with or believe in a particular point of view or idea.

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