Quiz May 29

• Economics is the study of how people choose to resources
• Institutions is an established organization
• Non-state Institutions refers to institutions in society not controlled by the government.
• Banks refers to institutions that conduct business purely on profit motive.
• Corporations are the most common form of business organizations.
• Cooperatives are autonomous associations of persons united voluntary to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise
• Transitional Advocacy Groups are advocates of principled causes, ideas, and values such as human rights or the environment.
• Reciprocity refers to the exchange of goods and services, with approximately the same value, between 2 parties.
• A Labor Union refers to an organization of workers whose main objective is to protect the welfare of its members.
• A Nonstock corporation is owned by members that join the organization.
• A Stock corporation is where ownership is through stockholders who own particular shares.