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Topic: Business
Number of pages / Number of words: 10 / 2773
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These individuals are engaged in long-term relationships based on social norms. A social norm is an accepted rule of behavior. Communities are personal and exclusive. E.g. there are common property resources (CPRs) such as grazing fields which are communally owned and managed by the members of the community in the long-term...


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They take place among people who do not know each other. There is entry and exit of buyers and sellers. These individuals are mobile and not contained by communal bindings of personal relationships as in a community.

Communities are a hallmark of poor nations while the anonymity of markets is extensively observable in the rich world...


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