Final answer:
The economy as a social institution organizes the production and distribution of goods and services, guides consumption patterns, and operates predictably through the mechanisms of demand and supply.
Step-by-step explanation:
As a social institution, the economy pertains to a highly interconnected system managing the production, distribution, and consumption of goods and services. The economy as a whole is characterized by markets, which via the mechanisms of demand and supply, answer the fundamental questions regarding what is produced, how it is produced, and for whom it is produced. Organizing and coordinating these aspects, the economic system ensures the efficient allocation of resources within society.In essence, the economic institution:Organizes the production and distribution of goods and services.Guides patterns of consumption of goods and services.
Operates in a relatively predictable manner, with principles such as supply and demand creating stability within the marketplaceTherefore, when considering the functions of the economy as a social institution, the correct answer is d. all of the above are correct.As a social institution, the economy organizes the production and distribution of goods and services, guides patterns of consumption of goods and services, and operates in a relatively predictable manner. In sociology, economy refers to the social institution through which a society's resources are exchanged and managed. The earliest economies were based on trade, while today's economic activities are more complex, the underlying goals remain the same: exchanging goods and services allows individuals to meet their needs and wants.