Economic Systems and Exchangen (27/10)

These flashcards cover key concepts from the lecture on economic systems, focusing on production, exchange, consumption, and associated cultural practices.

What is the primary purpose of economic systems according to the lecture?

Acquiring energy for survival.

What are the three primary components of economic systems discussed in the lecture?

Production, Exchange, and Consumption.

How is 'exchange' defined in the context of economic systems?

The cultural pattern of giving and receiving valuables.

What is the term used to describe the practice of sharing resources to ensure group survival?

Reciprocity.

What type of reciprocity does the lecture emphasize, characterized by no exact calculations for returns?

Generalized reciprocity.

What concept explains the public flaunting of wealth through costly possessions?

Conspicuous consumption.

In the seal-hunting example, why is it significant to share the caught seal among the hunters?

It ensures the welfare and survival of the entire hunting party.

What is the alternative to good exchange practices highlighted in the lecture?

Selfish behavior leading to the demise of cooperative efforts for subsistence.

What are 'ritual items' in the context of economic exchange systems?

Any culturally considered form of wealth that can be exchanged.

What does the term 'mana' refer to in the context of cultural items?

Spiritual power or authority associated with specific culturally significant objects.