LG7 Flashcards
3 types of resources
- Natural resources
- Human resorces
- Capital resources
to produce or to make things
Production
very important part of economics in the modern world
Money
study of power, a power that humans exerts over another
Politics
It is a social institution that organizes the production, distribution, and consumption of goods and services
Economics
any establishment who has a bearing on society
Economic institution
durable systems of established and embedded social rules and conventions that structure social interactions
Institutions
Two way on how economic institutions are formed
- Formal
- Informal
Movement of resources from where they are found or produced
Distribution
tranfer of goods between individuals or groups
Exchange
3 types of systems of distribution
- Reciprocity
- Redistribution
- Market transactions
two individuals or group pass good back and forth
Reciprocity
goods or services are passed as gifts without the need for a payment
Reciprocity
commodities are contributed by all members of a social group to a common pool from which they are often distributed
Redistribution
Exchange of goods and services through a market
Market transaction
a place where direct exchanges of commodities occur
Market
social institutions that are constructed in culturally specific ways
Market
a political organization that possess sovereign jurisdiction
State
common to democratic states which recognize the participation of the public in the political process that directly affect the citizen’s lives
Non State institutions
7 examples of non state institution
- banks
- corporation
- cooperatives
- trade unions
- transitional advocacy groups
- development agencies
- international organizations
a financial institution licensed to provide several financial services to different type of customers
Bank
process of takin in deposits and lending them to customers in need
Financial intermediation
an organization created by group of people known as SHAREHOLDERS
Corporations
association of persons united voluntarily to meet their common economic, social, and cultural needs
Cooperatives
different types of cooperatives
- credit
- consumer
- marketing
- service
organization whose membership consists of workers and union leaders united to project and promote their common interests
Trade union
free relationship among knowledgeable and committed actors that aim to pursue some political, social, or cultural goals
Transitional advocacy group
independent organization shaped by public and private institution with the aim of implementing strategies of shared territorial development
Development Agencies
Intitutions that set rules for nations and provide venues for diplomacies
International organization
2 types of international organizations
- international governmental organizations
- international nongovernmental organizations
