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As a social institution the economy (select all that apply):

a. organizes the production and distribution of goods and services. 

b. controlled by the government. 

c. operates by supply and demand. 

d. operates based on the maximization of self-interest

e. operates in a way that benefits the majority of people in society. 

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Alice Sejake
Alice SejakeLv10
8 Apr 2021

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Related questions

select all the items that describe a free market economy.
 
1. limited selection of goods and services
2. freedom for consumers and producers
3. competition between businesses
4. distribution by price
5. motivated by self-interest
 

The concept of the Invisible Hand of Adam Smith is

a. Even when there are no visible interventions, individuals and firms move through mutual interdependent systems at their self-interest in a free-market economy.

b. When there will be no government interventions, the free market cannot determine equilibrium in supply and demand.

c. is a metaphor describing intended social benefits and public good caused by individuals and firms acting outside their self-interest.

d. All except option A.

 

the economy is not only about money but also about

a. the people who are most important to an individual's sense of self.

b. a collection of people who have something in common, believe that it is meaningful and interact with one another.

c. the production, distribution and consumption of goods and services

d. the socialization of children into the values and norms of their social group

e. rituals and beliefs that divide the world into the sacred and the profane. 

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