Sociologists view markets as social institutions that are constructed in a culturally specified manner. This concept can be will understood when we look at the presence of currently existing economies that are socially embedded and exist as:

Weekly Tribal Haat

The correct answer is Option 3: Weekly Tribal Haat

Sociologists view markets as social institutions that are constructed in culturally specific ways. For example, markets are often controlled or organised by particular social groups or classes, and have specific connections to other institutions, social processes and structures. Sociologists often express this idea by saying that economies are socially ‘embedded’. This is illustrated by two examples, one of a weekly tribal haat, and the other of a ‘traditional business community’ and its trading networks in colonial India.