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Mind Map: The Market as a Social Institution | Sociology Class 12 - Humanities/Arts PDF Download
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FAQs on Mind Map: The Market as a Social Institution - Sociology Class 12 - Humanities/Arts
| 1. What does it mean for the market to be considered a social institution? |  |
Ans. The market as a social institution refers to the structured interactions and relationships between individuals and entities in the context of buying and selling goods and services. It encompasses the norms, values, and cultural practices that shape economic behavior and decision-making, emphasizing the social and ethical dimensions of market activities beyond mere transactions.
| 2. How do culture and society influence market behavior? | |
Ans. Culture and society play a significant role in shaping market behavior by establishing norms and expectations about consumption, production, and exchange. Social structures, cultural values, and community relationships influence what products are deemed desirable, how marketing strategies are developed, and how consumers engage with brands, ultimately affecting market dynamics.
| 3. In what ways can markets impact social relationships? | |
Ans. Markets can impact social relationships by creating connections and networks among individuals, businesses, and communities. They can foster collaboration and trust through repeated transactions, but can also lead to social stratification and inequality if access to resources and opportunities is uneven. Additionally, consumer choices can reflect and reinforce social identities and group affiliations.
| 4. What are some criticisms of viewing the market solely as an economic entity? | |
Ans. Criticisms of viewing the market solely as an economic entity include the neglect of social, ethical, and environmental considerations that influence economic outcomes. This perspective may overlook the impacts of market activities on community well-being, social justice, and ecological sustainability, leading to a narrow understanding of the market's role in society.
| 5. How can understanding the market as a social institution enhance economic literacy? | |
Ans. Understanding the market as a social institution enhances economic literacy by encouraging individuals to think critically about the broader implications of their economic choices. It fosters awareness of how social norms, cultural values, and ethical considerations shape economic systems, empowering consumers and producers to make informed decisions that positively impact themselves and their communities.
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