Chapter 9 Econimics Flashcards
Economic anthropology
Subdisciplines concerned with how people make, share, and buy things and services
Economic system
Structured patterns and relationships through which people exchange goods and services
Division of labor
The cooperative organization of work into specialized tasks and roles
Exchange
The transfer of objects and services between social actors
Market
A social institution in which people come together to exchange goods and services
Neoclassical economics
Economic theories and approaches that studies how people make decisions to make allocate resources like time, labor, and money in order to maximize their personal benefit
Capitalism
And economic system based on private ownership of the means of production, in which prices are set in goods distributed through market
Formal economics
The branch of economics that studies the underlying logical of economic thought and action
Substantive economics
A branch of economics inspired by the work of Karl Polanyi that studies the daily transactions people engage in to get what they need or desire
Redistribution
The collection of goods in a community and then the further dispersal of those goods among members
Surplus Value
Difference between what people produce and what they need to survive
Means of production
The machines and infrastructure required to produce goods
Cultural economic
An anthropological a Proetz to economics that focuses on how symbols and morals help shape the communities economy
Prestige economies
Economies in which people seek high social rank, prestige, and power instead of money and material wealth
Money
An object or substance that serves as a payment for a good or service
Currensy
And object used as a medium of exchange
General-purpose money
Money that is used to buy nearly any good service
Limited purpose money
Objects that can be exchange only for certain things
Spears of exchange
Bounded orders of value in which certain goods can be exchanged only for others
Transactional orders
Realms of transactions a community uses, each with its own set symbolic meanings and moral assumptions
Reciprocity
The give and take that builds and confirms relationships
Delayed reciprocity
A from of reciprocity that features a long lag time between giving and receiving
Value
The relative worth of an object or service that makes it desirable
Generalized reciprocity
A form of reciprocity in which gifts are given freely without the expectation of return
Balanced reciprocity
A form of reciprocity in which the giver expects a fair return at some later time
Negative reciprocity
A form of reciprocity in which the giver attempts to get something for nothing, to haggle ones way into a favorable personal outcome
Commodities
Mass produced and impersonal goods with no meaning or history apart from themselves
Consumption
The act of using and assigning meaning to a good, service, or relationship
Appropriation
The process of taking possession of an object, idea, or relationship
Consumers
People who rely on goods and services not to produce but their own labor
