Learning Guide #7 - Political and Economic Institutions

Question 1

is the study of resources, the kind, how they are produced, and used. It also determines how money is used in buying resources.

Answer 1

Economics

Question 2

refers to the system of production, distribution, and consumption of goods and services

Answer 2

economy

Question 3

3 types of resources

Answer 3

natural resource
human resource
capital resource

Question 4

is anything we get from nature that we can use, like water, trees, sunlight, or minerals.

Answer 4

natural resource

Question 5

people who work for an organization and the department responsible for managing things like hiring, training, employee benefits, and workplace policies.

Answer 5

Human resource

Question 6

is something made by people and used to produce goods or services. Examples include tools, machines, buildings, and equipment.

Answer 6

capital resource

Question 7

Produce or make something

Answer 7

Production

Question 8

2 types of production

Answer 8

Tangible
Intangible

Question 9

Can be seen or touch (Product)

Answer 9

Tangible

Question 10

Can’t be seen or touch (Service)

Answer 10

Intangible

Question 11

Money is a very important part of the tradings and transactions of the modern world but it doesn’t always existed.

Answer 11

Bartering

Question 12

The ones who buy and use resources

Answer 12

Consumers

Question 13

Is any establishment who have bearing on society, whether this institution business or not.

is a system or organization that plays a key role in managing and shaping economic activities in a society. These institutions set the rules, norms, and practices that guide how people produce, trade, and distribute goods and services.

Answer 13

Economic institution

Question 14

‘Institutions are ‘repetitive patterns of interaction through which society undertakes certain functions.’

Answer 14

King 1976

Question 15

‘Essentially, institutions are durable systems of established and embedded social rules and conventions that structure social interactions’

Answer 15

(Hodgson 2001 p.295)

Question 16

research program focuses on exploring how institutions and policies can promote economic growth that specifically benefits poor populations.The program investigates the role of institutional frameworks, governance, and policy interventions in creating equitable and sustainable economic development.

Answer 16

Institutions, Policies, and Pro-Poor Growth (IPPG)

Question 17

Based‌ ‌on‌ ‌the‌ ‌IPPG‌ ‌paper,‌ ‌what‌ ‌are‌ ‌the‌ ‌three‌ ‌sets‌ ‌of‌ ‌functions‌ ‌that‌ ‌are‌ ‌performed‌ ‌by‌ ‌economic‌ ‌institutions?‌ ‌

Answer 17

1. ESTABLISHING AND PROTECTING PROPERTY RIGHTS
2. FACILITATING TRANSACTIONS
3. PERMITTING ECONOMIC CO-OPERATION AND ORGANIZATION

Question 18

What‌ ‌are‌ ‌the‌ ‌two‌ ‌ways‌ ‌on‌ ‌how‌ ‌economic‌ ‌institutions‌ ‌formed?‌

Answer 18

Informal and formal

Question 19

is through repeated interaction between individual or organization

refers to rules, systems, or practices that guide economic activities but are not officially recognized or regulated by the government. These institutions often operate based on traditions, social norms, or personal agreements rather than formal laws.

Answer 19

informal

Question 20

refers to organizations, rules, or systems that are officially recognized, regulated, and enforced by laws or governments. These institutions operate within a structured framework and follow legal guidelines to conduct economic activities.

Answer 20

formal

Question 21

movement of resources from where they are found or produced

refers to how resources, wealth, goods, and services are shared among people in a society.

Answer 21

Distribution

Question 22

transfer of goods between individuals or groups.

is the process of giving something you have, like money, goods, or services, to get something you need or want in return. It’s how people trade to satisfy their needs and wants.

Answer 22

Exchange

Question 23

What are the three system of distribution?

Answer 23

Reciprocity
Redistribution
Market Transactions

Question 24

the system of exchange in which goods or services passed from one individual or group to another as gifts without the need for explicit contracting for a specific payment.

in simple terms means “give and take” or “you help me, and I’ll help you.” It’s when people do something for each other with the expectation that the favor will be returned, either directly or indirectly.

Answer 24

Reciprocity

Question 25

3 types of reciprocity

Answer 25

Generalized
Balanced
Negative

Question 26

who proposed the 3 types of reciprocity

Answer 26

Marshall‌ ‌Sahlins

Question 27

no expectation of immediate exchange for the given gifts, it is by the sense of obligation

Answer 27

generalized reciprocity

Question 28

return gift is expected within a relatively short time, to maintain good relations

Answer 28

Balance reciprocity

Question 29

it is for personal gain

Answer 29

Negative reciprocity

Question 30

An exchange system wherein commodities are contributed by all members of a social group to a common pool from which they are often distributed to where they will be used.

is the process of taking resources, like money or goods, from one group of people and giving them to others, usually to help reduce inequality.

Answer 30

Redistribution

Question 31

is a place where direct exchanges of commodities occur. It also refers to a group of buyers (groups that determines the demand of the product) and sellers (a group which determines the supply of the product) of a particular commodity (Liwanag et al, 2014)

is a place where direct exchanges of commodities occur. It also refers to a group of buyers (groups that determines the demand of the product) and sellers (a group which determines the supply of the product) of a particular commodity (Liwanag et al, 2014)

Answer 31

Market

Question 32

Market exchange requires

Answer 32

(1) some object used as the medium of exchange
(2) a rate at which goods exchange for money, i.e. price
(3) parties to exchange who have alternative buyers or sellers and are free to make the best deal they can, i.e. prices determine by supply and demand.

Question 33

may occur freely in any society but in a most developed society where large numbers of people are involved, marketplaces are found convenient to carry out the exchange.

may involve goods, services, information, currency, or any combination of these that pass from one party to another.

is when goods or services are bought and sold in exchange for money or something else of value.

Answer 33

Market the transaction

Question 34

Peoples‌ ‌and‌ ‌Bailey‌ ‌state‌ ‌the‌ ‌requirements‌ ‌to‌ ‌perform‌ ‌a market‌ ‌exchange,‌ ‌what‌ ‌are‌ ‌those?‌

Answer 34

Some of the object used as a medium exchange

A rate of goods exchange for money

Parties exchange who have alternative buyer or seller and free to make the best deal for them

Question 35

What‌ ‌is‌ ‌the‌ ‌relationship‌ ‌of‌ ‌state‌ ‌and‌ ‌market?‌