Anthro ch.6 economic systems

Balanced reciprocity

the exchange of something with the expectation that something of equal value will be returned within a specific time period.

Consumption

the process of buying, eating, or using a resource, food, commodity, or service.

Generalized reciprocity

giving without expecting a specific thing in return.

General purpose money

a medium of exchange that can be used in all economic transactions.

Homo economicus

a term used to describe a person who would make rational decisions in ways predicted by economic theories.

Means of production

the resources used to produce goods in a society such as land for farming or factories.

Mode of production

the social relations through which human labor is used to transform energy from nature using tools, skills, organization, and knowledge.

Negative reciprocity

an attempt to get something for nothing; exchange in which both parties try to take advantage of the other.

Political economy

an approach in anthropology that investigates the historical evolution of economic relationships as well as the contemporary political processes and social structures that contribute to differences in income and wealth.

Redistribution

the accumulation of goods or labor by a particular person or institution for the purpose of dispersal at a later date.

Structural violence

a form of violence in which a social structure or institution harms people by preventing them from meeting their basic needs.

Subsistence farmers

people who raise plants and animals for their own consumption, but not for sale to others.

economy

institutionalized systems that organize production, consumption, and distribution of goods and services