REM 100 FINAL Exam Questions With
Correct Answers
Dominant Social Paradigm - answer• Definition: The most widely held set of beliefs, values
and ideals that guide thinking about society, governance, and the role of individuals.
• Organizes the way people perceive and interpret the functioni...
Components of Economic System - answer✔"[W]e often say that institutions are the rules of the
game and organizations are the players in these institutions."
Organizations
- Businesses
- Buyers
- Producers
- Customers
- Sellers
Institutions
- Rules that determine how these players interact
Economics = is the social science that seeks to describe the factors which determine the
production, distribution and consumption of goods and services.
Environmental economics - answer✔is a sub-field of economics that is concerned with
environmental issues.
• Market failures
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