Laws, customs, conventions, and other institutional elements that sustain an economy fall under the category of
A)rules of the game
B)human capital
C)natural resources
D)financial institutions
E)capital infrastructure

Question

Quizplus · Accepted Answer

Laws, customs, conventions, and other institutional elements that sustain an economy are often referred to as the "rules of the game." These rules are crucial for economic success and include factors such as property rights, contract enforcement, and competition policy. Without a reliable set of rules in place, it becomes challenging for entrepreneurs and investors to make informed decisions about how to allocate their resources. Therefore, the emphasis on these rules is an essential element of economic development.

Laws, Customs, Conventions, and Other Institutional Elements That Sustain an Economy