Which of the following defines the "rules of the game" that structure economic incentives?

Question

Quizplus · Accepted Answer

Institutions such as laws, regulations, cultural norms, and property rights establish the framework within which economic actors make decisions and interact with each other. These institutions determine the economic incentives that individuals face, and thus play a critical role in shaping economic outcomes. Economic laws, factors of production, and technical knowledge are important determinants of economic activity, but they do not directly define the rules of the game that structure economic incentives.

Which of the Following Defines the "Rules of the Game