Economic life is social because a functioning economic system is predicated on the existence of ________ to support economic relationships.

Question

Quizplus · Accepted Answer

A cohesive and well-functioning society provides the necessary social structures and institutions that support economic relationships, such as government regulation, property rights, and social norms. Without these social factors in place, economic exchange and transactions would be difficult or impossible to conduct, making economic life inherently social. Social exchange, a market system, and currency are all important elements of the economic system, but they cannot function adequately without a supportive social context.

Economic Life Is Social Because a Functioning Economic System Is