Understanding Culture, Society, and Politics

Savings

The rate of interest is low. At present, it is about 5% per annum. Withdrawals of deposits are allowed, subject to certain restrictions.

Fixed

Lump sum amount is deposited at one (1) time for a specific period.

Current

This type of account is operated by businessmen.

Recurring

This type of account is operated by salaried persons and petty traders.

Overdraft

These advances are given to current account holders.

Cash Credits

The client is allowed up to a specific limit fixed in advance.

Loans

It is normally for short term (a period of one [1] year) or medium term (a period of five [5] years).

Discounting Bill of Exchange

The bank can advance money by discounting or by purchasing bills of exchange, both domestic and foreign bills.

Agency Functions

The bank acts as an agent of its customers such as trustees, executors, advisers and administrators on behalf of its clients.

Transfer of Funds

The bank transfer funds from one branch to another or from one place to another.

Collection of Cheques

The bank collects the money of the cheques through the clearing section of its customers.

Periodic Payments

On standing instructions of the client, the bank makes periodic payments in respect of electricity bills, rent, etc.

Portfolio Management

The banks also undertakes to purchase and sell the shares and debentures on behalf of the clients and accordingly debits or credits the account.

Periodic Collections

The bank collects salary, pension, dividend, and such other periodic collections on behalf of the client.

Corporations

These are chartered by a state and given many legal rights as an entity separate from its owners.

Cooperatives

are autonomous associations of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise.

Trade Unions

are organizations based on membership of employees in various trades, occupations, and professions, whose major focus is the representation of its members at the workplace and in the wider society.

International Organizations

are entities established by formal political agreements between their members who have the status of international treaties.

Transnational Groups

are advocates of principled causes, ideas, and values such as human rights or the environment.

Development Agencies

establish and support sustainability programs for the community.

Reciprocity

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

Transfer

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

Redistribution

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.

Market System

is 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.

Invisible Hand

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.

Market

is a mechanism and not necessarily a place that brings buyers and sellers together for the desired transaction.

Prices

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.

Specialization

is another requirement for a market economy.

Human Specialization

is called the division of labor.

Barter

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

Market Transaction

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

Market Economy

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

Labor

is also 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.

State

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

Minimum Wage

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

Taxes

are 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.

Bank

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

Health System

It is the sum total of all the organizations, institutions, and resources whose primary purpose is to improve health.

Education

a social institution that formally socializes members of society.

Formal Education

based in the classroom and provided by trained teaching and non-teaching personnel.

Nonformal Education

is any organized educational activity that takes place outside a formal setup.

Albularyo

seen as the general practitioner

Hilot

refers both the manghihilot or nagpapaanak

Mangluluop

specializes in diagnostic techniques.

Medico

is a hybrid, sort of crossover specialization.

Christianity

It is the world's biggest religion with about 2.2 billion followers. It is based on the teachings of Jesus Christ who lived in the Holy Land 2,000 years ago.

Islam

It is the second most popular religion in the world with over a thousand million followers. It is more often thought of as a complete way of life rather than a religion.

Hinduism

often referred to as Sanātana Dharma, a Sanskrit phrase meaning "the eternal law." It is the world's third most popular religion, with around 750 million followers.

Buddhism

It began in northeastern India and is based on the teachings of Siddhartha Gautama.

Institutionalized Religion

It is formed by a sect, meaning it is not limitless and it is closed.

Church

an institutional organization that is considered as the most recognized form of religious organization; defined as a large and formalized organization that is incorporated into society and is sometimes fused with the state.

Denomination

religious organizations that have a large number of members but are less formal than a church; gain members by recruiting and converting members from other churches and denominations.

Sects

religious organizations that tend to differ and often reject a larger religion’s belief; oppose religious pluralism and focus on the promotion of strict religious doctrines that incorporate all aspects of the member’s life.

Cults

a relatively small religious organization whose doctrines are outside mainstream religious traditions; usually small and localized communities led by a charismatic leader who exercises absolute control over its member.

Social Stratification

a trait of society, not simply a reflection of individual differences.

Wealth

refers to material possessions defined as valuable in particular societies.

Power

refers to the degree to which individuals or groups can impose their will on others, with or without the consent of others.

Prestige

relates to the amount of esteem or honor associated with social positions, qualities of individuals, and styles of life.

Social Inequality

It refers to the existence of unequal opportunities and rewards for different social positions or statuses within a group or society.

Ascribed Status

is involuntary, something we cannot choose.

Achieved Status

something we accomplish in the course of our lives. To some extent, achieved status reflects our work and effort.

Availability

refers to the presence, absence, or scarcity of the social desirables.

Accessibility

refers to the actual ways and means of availing the resources. Hence, the scarcer they are, the more difficult is access to them.

Social Mobility

defined as a movement of individuals, families, households, or other categories of people within or between layers or tiers in an open system of social stratification.

Absolute Social Mobility

happens when people end up in a different layer of stratification from that of their parents.

Relative Social Mobility

refers to the difference in probability of attaining a certain outcome, regardless of overall structural changes.

Structural Mobility

a type of forced mobility that results from a change in the distribution of all or any of the statuses within society.