Social Norms

Our day-to-day behaviour in markets is influenced by prevailing social norms or social customs.

A social norm is a rule or expectation of behaviour within a group or culture. It's like an unwritten rule that guides how people behave in social situations.

It's not enforced by law or anything like that, but rather people follow it because they want to be seen as a good member of the group and because it helps them know what to expect from others.

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