ECONOMIC INSTITUTION

is defined as the act of coordinating the other factors of production- land, labor and capital

is best understood as socially acknowledge right rather than as material object

is the process by which individuals and organization give each other valuable goods and services in return for different goods and services

refers to the distrubution of work in reference to age, gender, skills or qualification.

is the process by which people learn the values and behavior needed to fill position in the economic community

refers to the monetary value of goods and services

states that when demand is greater than supply, the price increase; and when supply is greater than demand, price decreases

is known as a "one man business"

is a type of economic organization where business is carried on by two or more men called partners

is a legal entity that is separate anad distinct form its owners