Chapter 9 Econimics

Question 1

Economic anthropology

Answer 1

Subdisciplines concerned with how people make, share, and buy things and services

Question 2

Economic system

Answer 2

Structured patterns and relationships through which people exchange goods and services

Question 3

Division of labor

Answer 3

The cooperative organization of work into specialized tasks and roles

Question 4

Exchange

Answer 4

The transfer of objects and services between social actors

Question 5

Market

Answer 5

A social institution in which people come together to exchange goods and services

Question 6

Neoclassical economics

Answer 6

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

Question 7

Capitalism

Answer 7

And economic system based on private ownership of the means of production, in which prices are set in goods distributed through market

Question 8

Formal economics

Answer 8

The branch of economics that studies the underlying logical of economic thought and action

Question 9

Substantive economics

Answer 9

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

Question 10

Redistribution

Answer 10

The collection of goods in a community and then the further dispersal of those goods among members

Question 11

Surplus Value

Answer 11

Difference between what people produce and what they need to survive

Question 12

Means of production

Answer 12

The machines and infrastructure required to produce goods

Question 13

Cultural economic

Answer 13

An anthropological a Proetz to economics that focuses on how symbols and morals help shape the communities economy

Question 14

Prestige economies

Answer 14

Economies in which people seek high social rank, prestige, and power instead of money and material wealth

Question 15

Money

Answer 15

An object or substance that serves as a payment for a good or service

Question 16

Currensy

Answer 16

And object used as a medium of exchange

Question 17

General-purpose money

Answer 17

Money that is used to buy nearly any good service

Question 18

Limited purpose money

Answer 18

Objects that can be exchange only for certain things

Question 19

Spears of exchange

Answer 19

Bounded orders of value in which certain goods can be exchanged only for others

Question 20

Transactional orders

Answer 20

Realms of transactions a community uses, each with its own set symbolic meanings and moral assumptions

Question 21

Reciprocity

Answer 21

The give and take that builds and confirms relationships

Question 22

Delayed reciprocity

Answer 22

A from of reciprocity that features a long lag time between giving and receiving

Question 23

Value

Answer 23

The relative worth of an object or service that makes it desirable

Question 24

Generalized reciprocity

Answer 24

A form of reciprocity in which gifts are given freely without the expectation of return

Question 25

Balanced reciprocity

Answer 25

A form of reciprocity in which the giver expects a fair return at some later time

Question 26

Negative reciprocity

Answer 26

A form of reciprocity in which the giver attempts to get something for nothing, to haggle ones way into a favorable personal outcome

Question 27

Commodities

Answer 27

Mass produced and impersonal goods with no meaning or history apart from themselves

Question 28

Consumption

Answer 28

The act of using and assigning meaning to a good, service, or relationship

Question 29

Appropriation

Answer 29

The process of taking possession of an object, idea, or relationship

Question 30

Consumers

Answer 30

People who rely on goods and services not to produce but their own labor