Question

Minimum 100 words for the (what do economists mean when they say that institution matter?)

Answer 1

Answer) This means, economic and political institutions under which a country matter that the country faces, or scarcity is the truth of life; it is how we deal with the fact of life matters. Resources are limited so scarcity is bound to happen in the society so it's required that humans should efficiently allocate resources to satisfy the wants and so the resources can prolong. Every country will compete for limited resources so it's the institution that comes to rescue by finding an optimal solution.