During which period did the economy emerge as a social institution?

• A. Prehistory.
• B. Agricultural Revolution.
• C. Industrial Revolution.
• D. Information Revolution.

Answer: (B)

Verified step by step guidance

1. Understand the concept of a social institution: A social institution is a complex, integrated set of social norms organized around the preservation of a basic societal value. The economy, as a social institution, involves the production, distribution, and consumption of goods and services.
2. Identify the historical periods mentioned: Prehistory, Agricultural Revolution, Industrial Revolution, and Information Revolution. Each represents a significant phase in human societal development.
3. Analyze the characteristics of each period: Prehistory refers to the time before written records, where small groups survived mainly by hunting and gathering, with limited economic organization.
4. The Agricultural Revolution marks the transition from hunting and gathering to settled farming communities, leading to surplus production, trade, and more complex economic interactions, which are key features of an emerging economic institution.
5. The Industrial and Information Revolutions further developed the economy as a social institution, but the initial emergence of the economy as a distinct social institution occurred during the Agricultural Revolution due to the establishment of systematic production and exchange.