Sociologists view markets as social institutions that are constructed in a culturally specified manner. This concept can be well understood when we look at the presence of currently existing economies that are socially embedded and exist as:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Weekly Tribal Haat
Option (3) Weekly Tribal Haat — Correct. Sociologists say economies are socially ‘embedded’: markets are organised by particular social groups and tied to other institutions. A weekly tribal haat illustrates this, where people from surrounding villages come not only to buy and sell but also to meet one another.
NCERT (2025-26): “4.1 Sociological Perspectives on Markets … 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.” “In most agrarian or ‘peasant’ societies around the world, periodic markets are a central feature of social and economic organisation. Weekly markets bring together people from surrounding villages, who come to sell their agricultural or other produce and to buy manufactured goods and other items that are not available in their villages.…” |