Economic sociology explores how social relationships, cultural norms, and institutions shape economic behavior, contrasting with traditional economics' focus on rational decision-making. It highlights the importance of trust, power, culture, and networks in economic outcomes. Social capital and strong institutions are crucial for economic success. Power dynamics and cultural norms influence economic decisions, while social networks and market forces play a significant role. Globalization has transformed economies, creating new challenges. Understanding these social contexts is essential for addressing modern economic issues.

What distinguishes economic sociology from traditional economics?

• Focus on market mechanics

• Emphasis on social context

• Supply and demand analysis

• Rational decision-making

How does social capital contribute to economic success?

• Through government regulations

• By reducing market competition

• Through social connections and trust

• By increasing financial capital

What role do institutions play in economic activity?

• They reduce social interactions

• They create instability

• They enforce contracts and provide stability

• They focus on individual decision-making

How do power dynamics influence economic outcomes?

• By eliminating social hierarchies

• By dictating terms in supply chains

• By promoting small businesses

• By ensuring equal opportunities

In what way do cultural norms affect economic decisions?

• They eliminate financial risks

• They shape saving and spending priorities

• They encourage uniform spending habits

• They have no impact

How do social networks impact economic opportunities?

• They limit job access

• They connect individuals to opportunities

• They discourage partnerships

• They focus on individual success

What is a key factor in the evolution of markets?

• Social, political, and historical forces

• Rational consumer behavior

• Supply and demand only

• Technological advancements alone

How has globalization affected local industries?

• By eliminating cultural influences

• By transforming and interconnecting them

• By isolating them

• By reducing competition

What is the impact of technological shifts on labor markets?

• They lead to the rise of gig work

• They create job inflexibility

• They have no impact

• They reduce job opportunities

Why is economic sociology important for modern challenges?

• It focuses solely on financial transactions

• It ignores cultural influences

• It simplifies economic issues

• It reveals the social context of economies