Economic institutions are
A) sets of rules created to govern athletic games
B) a society's conventions that help resolve recurrent economic problems
C) abstract representations of reality that economists use in their studies

Question

Quizplus · Accepted Answer

Economic institutions are conventions or norms developed by society to handle economic problems that arise repeatedly. These institutions may include laws, property rights, the monetary system, and financial markets, among others. They provide stability and predictability to the economy, enabling individuals and businesses to make decisions with confidence. Therefore, option B is the correct answer, while options A and C are incorrect.

Economic Institutions Are