Economic Institution Flashcards
which can be viewed as a social institution organized around production, consumption and distribution of goods and services
ECONOMY
It operates in generally predictable manner.
ECONOMY
Primarily consists of taking directly from earth and using without much processing, as in hunting, gathering, farming, and mining
PRODUCTION
Involves making something from raw materials, such as pottery, automobiles, or nuclear weapons
PRODUCTION
Involves providing assistance and information and cover activities from baby-sitting to international banking, to sports to entertainment
PRODUCTION
means that giving of gifts obligates the recipient to return something similar value
RECIPROCITY
it will require a centralized government with its rulers to collect taxes and demand payments and decide how to allocate this wealth in order to maintain their own power.
REDISTRIBUTION
in which the worth of any item depends on how much others are willing to pay for it, which in return, depends on how many other buyers and sellers there are in the marketplace
FREE MARKET SYSTEM
A bank transfer lets you move money from one bank account to another. It’s usually instant, free and done using mobile or online _____, over the phone or in branch.
banking
A deed is the legal document that transfers legal title of real estate from one person or entity to another.
REAL ESTATE
means a transfer of a receivable by agreement, or the creation of a right in a receivable by agreement, to secure payment or other performance of an obligation, regardless of the way in which the parties have described the transaction, the status of the transferor or transferee
SECURITY TRANSFER
The exchange of goods and services through a market.
MARKET TRANSACTION
provide the basic data used at the Bureau of Economic Analysis to begin the estimation of GDP
MARKET TRANSACTION
An establishment not owned and controlled by the government
NON-STATE INSTITUTIONS
Place or institution where people place or deposit their money or savings with corresponding interest on a given period of time, or assets for safekeeping.
BANKS
Is a legal entity owned and democratically controlled by its members Members have a close association as producers and consumers of its product
COOPERATIVES
3 main function banks:
- Banks are depository of savings.
- Banks are largely responsible for the payment system
- Banks issue loans to both People and companies
group of people authorized to act as single entity and recognized by the law as ________
Corporation
ability to issue stock; owners are stockholders (for profit)
STOCK CORPORATIONS
Owners are members of the Corporation (not-for-profit)
NON-STOCK CORPORATIONS
7 Coorperatives Principles
1 Voluntary and open membership
2. Democratic member control
3. Economic participation by members
4. Autonomy and independence
5. Education, training and information
6. Cooperation among cooperatives
7. Concern for community
Consist of workers and union leaders, united to protect and promote their common interest
TRADE UNIONS
represents of only one company and no connection with the other unions (house union)
COMPANY UNION
thick represents workers from several companies in the same industry. (industrial union)
GENERAL UNION
represents skilled workers in a particular field such as carpentry or welding
CRAFT UNION
Purpose of Trade Unions
1.Negotiate wages and working conditions
2. Regulate relations between workers and employer
3. Take collective action to enforce the terms of collective bargaining
4. Raise new demands on behalf of its members
5. Help settle their grievances
Biggest confederation of labor federations in the Philippines
TRADE UNION CONGRESS OF THE PHILIPPINES (TUCP)
Issues that motivates advocacy networks
1.Human rights
2. Consumer rights
3. Women’s rights
4. Environmental rights
5. International peace
They campaign on behalf of principled causes, sets of values and ideas, vulnerable constituencies or environments. provides a voice for civil society
ADVOCACY GROUPS
An organization with an international membership, scope or presence
INTERNATIONAL ORGANIZATION
international non-profit organizations and worldwide companies such as World Organization of the Scout Movement, Int’l Com one of the Red Cross.
INTERNATIONAL NON-GOVERNMENTAL ORGANIZATION
also known as International Governmental Organizations (IGOS), an organization composed primarily of sovereign states, or of other intergovernmental organizations. IGOs are established by treaty or other agreement that acts as a charter creating the group.
INTERGOVERNMENTAL ORGANIZATIONS
