UCSP, 07 Handout 2 Flashcards
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.
Redistribution
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
Prices
through the government, comes in to regulate the prices of the service, which technically is in the form of the wages the workers earn.
state
involves parties who sell their goods and services in exchange for cash from
consumers
The market transaction
grassroots-based organizations composed of people who are really in the
community and are directly involved
People’s Organization
determined by regional wage, is the below which no employer would
allow paying their workers.
minimum wage
refers to an autonomous association whose membership is voluntary towards the attainment of common economic, social, and cultural needs or aspirations.
Cooperative or coop
organized religion seen in church and congregation and their counterparts
in Islam and other religions
Religious Organization
the swapping of goods for goods is the traditional means of exchange
Barter
third-party mediating organizations
Nongovernmental Organization
exists when there is an exchange of goods or labor between individuals in a community.
Reciprocity
refers to an organization of workers whose main objective is to protect the
welfare of its members.
A Trade or Labor Union
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).
free-market economy
another requirement for a market economy. Critical to the market economy is the ability to produce goods and services efficiently
Specialization
these include universities, schools, and colleges;
private pooling firms; private think tanks and consultancy groups
Academic and Science-Based Organizations
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
Transnational Advocacy Group
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.
Nonmarket Institution
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.
Labor
socialist economy happens when the government takes over the functions of the market in producing and distributing essential goods and services.
command economy
Print, radio, and television
Mass Media
where ownership is through stockholders who own particular shares.
A stock corporation
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.
invisible hand
Development agencies were formed as a response to crises like war damage and industrial decline
Development Agencies
where the production, distribution, and consumption of goods and
services operate through these forms of exchange.
market economy
entails a redistribution of income that is not matched by the actual exchange of goods and services.
Transfer
owned by members that join the organization.
A nonstock corporation
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.
International Organization
political body the exercises monopoly of violence or legitimate control overuse of
force within its territory.
state
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.
market system
the division of labor. Specialization contributes to efficiency by taking advantage of the differences in every person’s abilities.
Human specialization
financial institution that lends money to both public as well as private organizations.
The bank
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
State-Market Relationships
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.
Taxes
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.
Corporation
