What do progressive economists mean by the term, "institutions"?
A) Business associations such as the Chamber of Commerce.
B) International organizations such as the United Nations.
C) Social systems, habits and customs that influence human behavior.
D) Major governmental bodies such as the Congress and the Supreme Court.

Question

Quizplus · Accepted Answer

Progressive economists use the term "institutions" to refer to social systems, habits and customs that influence human behavior. This can include things like cultural norms, social structures, and political and economic systems. They believe that these institutions shape individual behavior and play a critical role in determining economic outcomes.

What Do Progressive Economists Mean by the Term, "Institutions