Interdependence Of Other Institutions

The economic institutions can neither survive nor develop without cooperation of other institutions. The labor force is drawn from the families. The technical skill is drawn from technical institutes to run them. Sociologists are required to intervene when the labor goes on strike and the industries are closed. Traders and businessmen play basic role between the owners and the consumers.

The political institution i.e., government provides rules and regulation for production, economic institutions play important role in social structure. The economic institutions have their respective norms. These norms are taught to the workers, technicians and accountants.

Every institution guides its workers in its norms. Similarly, a worker of a textile mill learns how to work on loom and a worker of drug industry will learns how to label bottles and pack them in boxes. The major function of economic institution is to fulfill human needs for which they have developed.

 

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