Question

The standard economist’s view of markets proposes market exchanges as involving buyers and sellers who simply make rational decisions that result in all parties being better off. According to the chapter, sociologists focus on three additional factors that influence how markets work. What are they?

Answer 1

Answer:

Social networks,power and culture.

Explanation:

The economists view of markets proposes market exchange as involving buyers and sellers .But the sociologist focus on 3 additional factors Social Networks,power and culture that influence the working of the market.

Social Network is a platform where you can advertise your product.Since most of the  population uses social networking and can be regarded as potential buyers.

Power comes you are at a respectable position in the market and can control the market workings.

Culture also affects the market .For example in India most of Indian population buys clothes on the time of Diwali festival.