Question

What are economic institutions?​

Answer 1

Economic institutions are responsible for organizing the production, exchange, distribution and consumption of goods and services. Economic institution is also one of the basic institutions. For the sake of survival each society has an economic system ranging from simple to complex.

Answer 2

Answer:

Economic institutions are responsible for organizing the production, exchange, distribution and consumption of goods and services.

The Internal Revenue Service (the IRS—the government tax-collection agency), the U.S. Federal Reserve (the government producer of money), the National Bureau of Economic Research (a private research agency) are all examples of economic institutions.

Explanation:

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