UCSP, 07 Handout 2

Question 1

can be considered as a combination of the features of transfer and reciprocity, where the economic exchange involves the collection of goods from members, the pooling of these goods, and then the redistribution of these goods among the same members.

Answer 1

Redistribution

Question 2

serve as a signaling device to indicate the value of a good or service to both the buyers and the sellers and guide their actions on whether they should buy or not or supply more or less

Answer 2

Prices

Question 3

through the government, comes in to regulate the prices of the service, which technically is in the form of the wages the workers earn.

Answer 3

state

Question 4

involves parties who sell their goods and services in exchange for cash from
consumers

Answer 4

The market transaction

Question 5

grassroots-based organizations composed of people who are really in the
community and are directly involved

Answer 5

People’s Organization

Question 6

determined by regional wage, is the below which no employer would
allow paying their workers.

Answer 6

minimum wage

Question 7

refers to an autonomous association whose membership is voluntary towards the attainment of common economic, social, and cultural needs or aspirations.

Answer 7

Cooperative or coop

Question 8

organized religion seen in church and congregation and their counterparts
in Islam and other religions

Answer 8

Religious Organization

Question 9

the swapping of goods for goods is the traditional means of exchange

Answer 9

Barter

Question 10

third-party mediating organizations

Answer 10

Nongovernmental Organization

Question 11

exists when there is an exchange of goods or labor between individuals in a community.

Answer 11

Reciprocity

Question 12

refers to an organization of workers whose main objective is to protect the
welfare of its members.

Answer 12

A Trade or Labor Union

Question 13

where the price of a good or service is determined by the forces of supply (the available level of products or services provided by producers or sellers) and demand (the level of willingness of consumers to purchase).

Answer 13

free-market economy

Question 14

another requirement for a market economy. Critical to the market economy is the ability to produce goods and services efficiently

Answer 14

Specialization

Question 15

these include universities, schools, and colleges;
private pooling firms; private think tanks and consultancy groups

Answer 15

Academic and Science-Based Organizations

Question 16

Transnational advocacy organizations (TAOs) are defined as “self-organized advocacy groups undertaking
voluntary actions across state borders in pursuit of what they deem the wider public interest.” Advocacy
organizations are known by different names: nonstate actors, NGOs, transnational advocacy networks

Answer 16

Transnational Advocacy Group

Question 17

Reciprocity, transfer, and redistribution are all considered as nonmarket transactions since they do not entail the exchange of cash for the rendering of service or provision of goods.

Answer 17

Nonmarket Institution

Question 18

considered a commodity, except that in this case, the sellers of the service are the
workers, while the consumers are the factories and the producers.

Answer 18

Labor

Question 19

socialist economy happens when the government takes over the functions of the market in producing and distributing essential goods and services.

Answer 19

command economy

Question 20

Print, radio, and television

Answer 20

Mass Media

Question 21

where ownership is through stockholders who own particular shares.

Answer 21

A stock corporation

Question 22

integrates both the idea of self-interest and competition in the market place, which brings about a socially optimum result even in the absence of government intervention.

Answer 22

invisible hand

Question 23

Development agencies were formed as a response to crises like war damage and industrial decline

Answer 23

Development Agencies

Question 24

where the production, distribution, and consumption of goods and
services operate through these forms of exchange.

Answer 24

market economy

Question 25

entails a redistribution of income that is not matched by the actual exchange of goods and services.

Answer 25

Transfer

Question 26

owned by members that join the organization.

Answer 26

A nonstock corporation

Question 27

An international organization (an intergovernmental organization) is an organization established by a treaty or other instrument governed by international law and possessing its own international legal by personality, such as the United Nations, the World Health Organization, and NATO.

Answer 27

International Organization

Question 28

political body the exercises monopoly of violence or legitimate control overuse of
force within its territory.

Answer 28

state

Question 29

a type of economic system that allows the free flow of goods between and among
private individuals and firms with very limited participation from the government.

Answer 29

market system

Question 30

the division of labor. Specialization contributes to efficiency by taking advantage of the differences in every person’s abilities.

Answer 30

Human specialization

Question 31

financial institution that lends money to both public as well as private organizations.

Answer 31

The bank

Question 32

It is in this aspect that the state plays an important role in the market. The state, through the government,
comes in to regulate prices to protect the interest of the consuming public

Answer 32

State-Market Relationships

Question 33

compulsory contributions to government coffers, normally levied on the worker’s income, business profits, and consumption of goods and services, to raise revenues for government spending.

Answer 33

Taxes

Question 34

o the aboard category of non-state organizations representing a company or
group of people that engage in a lawful activity about a public function, such as the provision of good service to the larger society.

Answer 34

Corporation