IB Anthropology

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Economics

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28 Terms

1

Economics

The study of the production, distribution, consumption of goods and services in a society.

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2

Production

This is the phase of operation on the environment in which “raw” materials are transformed into cultural goods.

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3

Distribution

This is the phase of moving goods and services from the people who produce them to the people who use them.

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4

Consumption

This is the phase of actually using or “consuming” products

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5

Gift economies

In most societies throughout history and across the globe, gift exchange, which in Western societies is seen as minor and not part of economic exchanges, predominates.

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6

Reciprocity

A form of exchange that involves giving and receiving as part of a larger ongoing social relationship.

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7

Generalized reciprocity

Goods are given within close social relationships without any particular calculation of the value of the goods or any particular expectation for a “return”of equal value in any particular time frame.

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8

Balanced reciprocity

Goods are given with some calculation of their value and some expectation of an equal return within some reasonable time. 

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9

Negative reciprocity

Goods are exchanged with calculation of their value but also with an expectation or intention of receiving more value than one gives.

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10

Redistribution

A form of exchange that involves collection of surplus or wealth by a “central” individual, group, or institution that controls how the wealth is redistributed.

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11

Potlatch

Competitive, ceremonial feasting amount Northwest Coast Native Americans at which large amongst of goods are redistributed.

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12

Market exchange

a form of distribution based on the use of a specialized institution (the “market”) and impersonal principles of supply, demand and the pursuit of profit

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13

Consumption

the uses and meanings of goods and services that satisfy desires and needs.

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14

Conspicuous consumption

the drive to consume certain kinds of goods was based on the desire to create and display differences between people and on the capacity of goods to do so. 

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15

Materiality

Objects, resources and belongings have cultural meaning

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16

interpersonal power

involves the ability of one individual to impose his or her will on another individual

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17

organizational power

individuals or social groups can limit the actions of other individuals, which produces inequalities or hierarchies of power

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18

structural power

constraints on individual social action or agency

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19

Gift

an object or other entity that is exchanged with the purpose of establishing and maintaining social relations over time.

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20

Commodity

an object or entity that is transacted between people in a capitalist system and that is assigned a quantifiable economic value

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21

Power

an essential part of social relations and can be considered as a person’s or group’s capacity to influence, manipulate or control others and resources.

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22

Magic

refers to supernatural techniques intended to accomplish specific aims.

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23

Sorcery

Compelling the supernatural to behave in certain ways, usually with evil intent.

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24

Witchcraft

The ability of a person to cause harm by means of a personal power that resides within the body of the witch.

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25

Myth

religious narratives or stories that provide the basis for religious beliefs and knowledge.

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26

Ritual

A formalized event, the rules of which are determined by the traditions

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27

Liminality

Participants in a rite of passage or ritual are temporarily literally and symbolically marginalized from their community. Status becomes ambiguous until they re-join their community and adopt their new status.

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28

Religion

A system of symbols that acts to establish understandings of existence is such a way that it is realistic to its followers. Religion is generally supported and perpetuated by ritual.

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