3. Economic Institution
John J.Maccionis: “Economy is the social institution that
organizes a society’s production, distribution and
consumption of goods and services”.
P,Gisbert: “The economy system is that complex of
interrelated institutions through which the economy
activity of man is expressed.
Callhoum, Light & keeler: “the social institution that
accomplishes the goal of producing and distributing
goods and services with in a society called economic
4. Economic Institution
Major Economic Institutions
1. Agriculture farming.
2. Chemical fertilizer and its supplying agencies.
3. Irrigation systems.
4. Harvesting of crops.
5. Land tenure system.
6. Agriculture Department.
7. Production store and supplying agencies.
8. Agriculture sale departments.
6. Economic Institution
Functions of Economic Institution
1. Social Stratification.
2. Power and Authority.
3. Interdependence of other Institutions.
5. Need Satisfaction.
6. Income generation and Employment.
7. Division of Labor and specialization.
8. Provision of Funds.