M3 L2

Question 1

A social institution that organizes the production, distribution, and consumption of goods

Answer 1

Economic Institution

Question 2

The resources that individuals, groups, organizations, and nations need to survive

Answer 2

Services

Question 3

[Any establishment whose activities have a bearing on society], whether these institutions are business or not

Answer 3

Economic Institutions

Question 4

[Refers to a network of commercial organizations] (such as manufacturers, producers, wholesalers, retailers, and buyers) who generate, distribute, and purchase goods and services

Answer 4

Economic Institutions

Question 5

Ways Economic Institutions are formed

Answer 5

1. Informally
   (Repeated interactions between individuals or organizations that establish expected norms of behaviour)
2. Formally
   (Through deliberate design from a private enterprise or civil society)

Question 6

The [movement of resources] or goods from where they are found or produced to where they will be used

Answer 6

Distribution

Question 7

[Transfer of goods] between individuals or groups

Answer 7

Exchange

Question 8

The voluntary [giving or taking of objects without the use of money] in the hopes that, in the future, they could be given back

Answer 8

Reciprocity

Question 9

Government transfer or transfer payments

Answer 9

Transfer

Question 10

[Required payments] that could take form through the collection of taxes, social services, pensions, housing, and healthcare

Answer 10

Transfer

Question 11

What plays a crucial role in ensuring that transfer payments are collected successfully from participating citizens and institutions?

Answer 11

The Government

Question 12

When individuals’ goods or services are pooled together by a central authority to be used at a later time

Answer 12

Redistribution

Question 13

An exchange where goods are passed back and forth from one group to another

Answer 13

Reciprocity

Question 14

A bigger setting where buyers or sellers simultaneously trade or exchange goods or services

Answer 14

Market

Question 15

People involved in a market exchange

Answer 15

1. One who has a product
2. Another who has money

Question 16

Two individuals agree upon a specific price for a specific quantity of the product

Answer 16

Market Exchange

Question 17

Requirements in a market exchange

Answer 17

1. A medium of exchange
2. A rate at which products are exchanged for money
3. Parties who are involved in the exchange

Question 18

Contains mechanisms that are essential to the existence of markets themselves, and these mechanisms are not “natural” given

Answer 18

States

Question 19

Wherein the material density of the state both as organization and administration is of relevance

Answer 19

Institutional Production Systems

Question 20

This opens up the field of international political economy

Answer 20

Interaction between markets and states

Question 21

Types of States According to Market Roles

Answer 21

1. Laissez-Faire State
2. Interventionist or Developmental State
3. Welfare State

Question 22

The economy functions best when [the government does not intervene] through regulations, subsidies, privileges, and other types of intervention

Answer 22

Laissez-Faire State

Question 23

In this type of state, the state and market are closely intertwined

Answer 23

Interventionist or Developmental State

Question 24

Their relationship is managed by a special bureau or department that coordinates the developmental efforts of the state on the economy

Answer 24

Interventionist or Developmental State

Question 25

Type of state that [plays an important role] in the achievement and protection of the economic and social [well-being of its citizens]

Answer 25

Welfare State

Question 26

Type of state aimed at [achieving a good quality of life for the citizens], rather than merely driving economic development

Answer 26

Welfare State

Question 27

These may also contribute to providing welfare services

Answer 27

Businesses and organizations

Question 28

Groups and organizations which [operate outside the support] of any state or government

Answer 28

Non-State Institutions

Question 29

Examples of Non-State Institutions

Answer 29

1. Banks and Corporations 2. Cooperatives and Trade Unions 3. Transnational Advocacy Groups 4. Developmental Agencies 5. International Organizations

Question 30

A [financial institution] licensed to provide several financial services to different types of customers

Answer 30

Bank

Question 31

An organization, created by a group of people known as shareholders, which is legally recognized to [act as a single person in carrying out certain goals and objectives]

Answer 31

Corporation

Question 32

Types of Corporations

Answer 32

1. Business Corporation 2. Non-Profit Corporation

Question 33

Created to operate and to generate profit

Answer 33

Business Corporation

Question 34

Established with the purpose of serving the public rather than pursuing profits

Answer 34

Non-Profit Corporation

Question 35

An [autonomous association of persons united voluntarily] to meet their common economic, social, and cultural needs and aspirations, through a [jointly owned and democratically controlled enterprise]

Answer 35

Cooperative

Question 36

An organization with a membership composed of workers or employees from related fields, which [aims to represent the interests and rights of its members], both in the workplace and in the society

Answer 36

Trade Union or Labor Union

Question 37

A collection of actors (individuals or groups) characterized by their fluid and open relations with each other

Answer 37

Transnational Advocacy Group

Question 38

United by their commitment to work on and defend certain issues and causes that are relevant across several nations

Answer 38

Transnational Advocacy Group

Question 39

[Vital in international relations] for people seeking to change the behavior of states or non-states because they create international awareness, thus causing global pressure for policy change

Answer 39

Transnational Advocacy Network

Question 40

International and local non-governmental organizations that are tasked and [committed to pursuing certain developmental agendas of a state]

Answer 40

Developmental Agency

Question 41

Institutions that provide help in support of a state’s economic growth and social progress

Answer 41

Developmental Agency

Question 42

An umbrella term used to refer to institutions [established by three or more states as voluntary members]

Answer 42

International Organization

Question 43

Its membership is entirely composed of national states or governments

Answer 43

International Organization