Major SocialInstitutions:

EconomicInstitution

Economicof economy or

economics: relating to

economics, or the economy or

business activities of a country.

Institution1. an organization,

establishment, foundation, society, or the like, devoted

to the promotion of a particular cause or program,

esp. one of a public, educational, or charitable

Government Religion

5 Major SocialInstitutions:

educationEducation

•politics•politics•politics

Politics

•economics 

EomisEconomics

Government

Religion

Education

Politics

Economics

Five Major Social Institutionsin Society:Family

EducationEducationReligionReligion

PoliticsPolitics

Economics

Economics

Family

Education

Religion

Politics

Economics

Economic InstitutionThe Term

refers to two things:Specific agencies or foundations, both

government and private, devoted to collecting or

studying economic data, or commissioned with the job

of supplying a good or service that is important to the economy of a country. 

The Internal Revenue Service(the IRS—the government tax-

collection agency)

Ex. of economic institutions:

The U.S. Federal Reserve(the government producer of

money) The National Bureauof Economic Research(a private research agency)

Well-established arrangements and structures that are part

of the culture or society:Competitive marketsThe banking systemKids' allowancesCustomary tipping

a system of property rights are examples of economic institutions.a system of property rights are examples of economic institutions.a system of property rights are examples of economic institutions.

A system of Property Rights

a system of property rights are examples of economic institutions.a system of property rights are examples of economic institutions.

The fact of scarcitywhich exists everywhere, guarantees that people will compete for resources.

Markets are one way to organize and channel this competition. Politics is another.

People use both markets and politics to get resources allocated to the ends they favor.

People canaccomplish many things in politics

that they could not accomplish in the

private sector.

Council of Economic Advisers (C.E.A.)

The CEA was established by the Employment Act of 1946 to provide the President with objective economic analysis

and advice on the development and

implementation of a wide range of domestic and international economic

policy issues.