The Economic Institution

Question 1

Please select the word from the list that best fits the definition

Revolt · Accepted Answer

monarchy

Question 2

Please select the word from the list that best fits the definition

Revolt · Accepted Answer

law of demand

Question 3

An example of an entrepreneur would be someone who opened up a gourmet popcorn store in the local mall.

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T

Question 4

Please select the word from the list that best fits the definition

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secondary sector

Question 5

Please select the word from the list that best fits the definition

Revolt · Accepted Answer

tertiary sector

Question 6

Please select the word from the list that best fits the definition

Revolt · Accepted Answer

primary

Question 7

Please select the word from the list that best fits the definition

Revolt · Accepted Answer

capitalism

Question 8

Question 10

Revolt · Accepted Answer

The first type of economic system is preindustrial. Its societies generally have an agriculturally based economy, and there is very little technology to provide for the needs of its members. All economic activity is carried out using human labor and animal power. Next there is industrial. This society is characterized by an emphasis on the use of machinery to produce goods. Machines and new sources of energy make the shift from a primary sector to a secondary sector possible. Industrial societies can support lager populations. Last is postindustrial. In this society the tertiary sector becomes the most important area of the economy. Greater emphasis is placed on the collection and distribution of information, which creates a demand for administrative, managerial, professional, technical, and service personnel.

The Economic Institution Answers

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