Economists generally define institutions as all of these, except as a. government free of corruption. government that controls resource allocation. legal system that enforces contracts and laws. strong monetary system.

Economists generally define institutions as all of these, except as "legal system that enforces contracts and laws."

Institutions, in economics alludes to association, foundation and foundations that are included with control and administration of cash, products and enterprises in an economy. Economic institutions include: banks, administrative associations, venture reserves, and so on, Legal framework isn't a piece of financial organizations.

by using  production possibilities graph.  opportunity costs are key expenses in financial matters and are utilized as a part of registering money saving advantage investigation of a venture. such expenses, be that as it may, are not recorded in the record books but rather are perceived in basic leadership by processing the money costs and their subsequent benefit or misfortune.

fertile good for trade etc