Exchange

Question 1

two ways to define economy

Answer 1

systemic and actor-centered

Question 2

systemic economy

Answer 2

the economy as the production, distribution, and consumption of material and non-material valuables in society

Question 3

actor-centered economy

Answer 3

the ways in which actors use the available means to maximize value

Question 4

three modes of exchange

Answer 4

reciprocity, redistribution, and market exchange

Question 5

reciprocity

Answer 5

equal trade; most ancient form of exchange, found in Egalitarian societies

Question 6

three types of reciprocity

Answer 6

generalized, balanced, negative

Question 7

generalized reciprocity

Answer 7

exchange without expecting an immediate return, usually between close kin

Question 8

balanced reciprocity

Answer 8

return exchange of equal value is expected within a reasonable amount of time; between more distant kin, friends and neighbors

Question 9

negative reciprocity

Answer 9

exchange of goods or services where one party attempts to come out at an advantage over the other; usually between strangers and enemies

Question 10

Sahlins

Answer 10

friends makes gifts, and gifts make friends

Question 11

criteria for a gift

Answer 11

absence of fixed price, return gift should not be given at once

Question 12

Mauss

Answer 12

gift giving creates webs of vague obligations on the part of large numbers of people; power in a gift

Question 13

the glue of society

Answer 13

reciprocity

Question 14

potlatch, reciprocity and power

Answer 14

northwestern coast of North America; prosperous hunting and fishing groups, aristocrats continuously had to defend their rank by giving spectacular gifts to each other

Question 15

potlatch

Answer 15

competitive gift exchange, destructive exchange

Question 16

gifts and power

Answer 16

mutual obligations created through reciprocity are not necessarily beneficial to everyone involved

Question 17

redistribution

Answer 17

leaders received economic contributions from all members of the group, then redistribute them in order to provide for every member of the group

Question 18

market exchange

Answer 18

exchange that is mediated by currency through a market system; emerged in a capitalist society

Question 19

money as information technology

Answer 19

money as a game changer in social relationships; market principles of supply and demand replace rules of right and wrong

Question 20

characteristics of money

Answer 20

impersonal and anonymous, can be accumulated and invested, makes communication and exchange on a vast scale possible

Question 21

consumption and globalization

Answer 21

while consumption creates differences and differentiation, it also creates social solidarity and reinforces social ties and cultural meanings

Question 22

mcdonalds experience

Answer 22

different menu items, seen differently in different cultures