Related to the Economics in Practice on P

question 281

Multiple Choice

Related to the Economics in Practice on p. 189: In Santa Cruz, the red feathers of the Scarlet Honeyeater bird were used as currency. Using feathers to make a purchase would be using the feathers as a(n)

• A) medium of exchange.
• B) store of value.
• C) unit of account.
• D) legal tender.

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Definitions:

Group Norms

Group norms are the shared expectations and rules that guide behavior of members within a group, influencing how they interact and perform tasks.

Positive Norms

Standards or expectations within a group that promote positive behaviors and interactions, contributing to a constructive and supportive environment.

Role Model

An individual who serves as an example to others by demonstrating desirable behaviors and attitudes, often inspiring others to emulate them.

Rewarding

Providing benefits, recognition, or compensation as an acknowledgment of effort, achievement, or desirable behavior.