The Economy as a Social Institution The economy is the institution that provides for the production and distribution of goods and services, which people in every society need. Sometimes they can provide these things for themselves, and sometimes they rely on others to provide them. When people rely on others for goods or services, they must have something to exchange, such as currency (in industrialized societies) or other goods or services (in non -industrialized societies). The customs surrounding exchange and distribution of goods and services shape societies in fundamental ways. Macrosociology vs. microsociology Sociologists use two approaches when studying society. In macrosociology, sociologists analyze large-scale social forces, such as institutions. They identify and analyze the structure of societies. The second approach sociologists use is microsociology , the study of social interaction. These sociologists focus on face-to-face interaction, how people act around others. This method is focused more on individuals than groups. Economic Systems
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