Answer to Question #205561 in Sociology for Mahlangu Sibusiso

Question

what is the role of economic in social institution

Answer 1

The economy is broadly discussed by the sociologist as an institution that plays role in sociology by organizing the production, supplies through distribution channels and the consumption systems of goods and services in the society. The economy had the impact of creating two major social systems that are capitalism and socialism to describe the modes of how resources are shared and the interaction of individuals within the societies. Socialism as an economic social institution describes that resources are owned and shared communally by all whereas capitalism s where the production systems are privately owned.