LG7

Question 1

3 types of resources

Answer 1

1. Natural resources
2. Human resorces
3. Capital resources

Question 2

to produce or to make things

Answer 2

Production

Question 3

very important part of economics in the modern world

Answer 3

Money

Question 4

study of power, a power that humans exerts over another

Answer 4

Politics

Question 5

It is a social institution that organizes the production, distribution, and consumption of goods and services

Answer 5

Economics

Question 6

any establishment who has a bearing on society

Answer 6

Economic institution

Question 7

durable systems of established and embedded social rules and conventions that structure social interactions

Answer 7

Institutions

Question 8

Two way on how economic institutions are formed

Answer 8

1. Formal
2. Informal

Question 9

Movement of resources from where they are found or produced

Answer 9

Distribution

Question 10

tranfer of goods between individuals or groups

Answer 10

Exchange

Question 11

3 types of systems of distribution

Answer 11

1. Reciprocity
2. Redistribution
3. Market transactions

Question 12

two individuals or group pass good back and forth

Answer 12

Reciprocity

Question 13

goods or services are passed as gifts without the need for a payment

Answer 13

Reciprocity

Question 14

commodities are contributed by all members of a social group to a common pool from which they are often distributed

Answer 14

Redistribution

Question 15

Exchange of goods and services through a market

Answer 15

Market transaction

Question 16

a place where direct exchanges of commodities occur

Answer 16

Market

Question 17

social institutions that are constructed in culturally specific ways

Answer 17

Market

Question 18

a political organization that possess sovereign jurisdiction

Answer 18

State

Question 19

common to democratic states which recognize the participation of the public in the political process that directly affect the citizen’s lives

Answer 19

Non State institutions

Question 20

7 examples of non state institution

Answer 20

1. banks
2. corporation
3. cooperatives
4. trade unions
5. transitional advocacy groups
6. development agencies
7. international organizations

Question 21

a financial institution licensed to provide several financial services to different type of customers

Answer 21

Bank

Question 22

process of takin in deposits and lending them to customers in need

Answer 22

Financial intermediation

Question 23

an organization created by group of people known as SHAREHOLDERS

Answer 23

Corporations

Question 24

association of persons united voluntarily to meet their common economic, social, and cultural needs

Answer 24

Cooperatives

Question 25

different types of cooperatives

Answer 25

1. credit 2. consumer 3. marketing 5. service

Question 26

organization whose membership consists of workers and union leaders united to project and promote their common interests

Answer 26

Trade union

Question 27

free relationship among knowledgeable and committed actors that aim to pursue some political, social, or cultural goals

Answer 27

Transitional advocacy group

Question 28

independent organization shaped by public and private institution with the aim of implementing strategies of shared territorial development

Answer 28

Development Agencies

Question 29

Intitutions that set rules for nations and provide venues for diplomacies

Answer 29

International organization

Question 30

2 types of international organizations

Answer 30

1. international governmental organizations 2. international nongovernmental organizations