economic systems

economy

population’s system of production, distribution and consumption of resources

reciprocity

exchange of goods between individuals of generally equal social status

what are some advantages and drawbacks to redistribution?

advantage, everyone has access to available resources, better able to store resources for future needs. disadvantage in what is redistributed is rarely equivalent to what is paid

redistribution

goods collected at a centralized location to be spread out throughout the population

the market principle

products are purchased with currency

what are the features of capitalism?

means of production controlled by a few, most individuals sell labor not products, labor invested is worth more than wages provided

generalized reciprocity

giving goods without expectation of reimbursement

balanced reciprocity

exchange of one type of good for another type of good of equal value (bartering)

negative reciprocity

exchange within material advantage

specialization

individuals know a single skill very well but cannot support themselves individually

foraging group

foraging groups - individuals collect resources from themselves and their social group

advantages and disadvantages of specialization

advantage - improved skills, increased surplus

disadvantages - must rely on everyone doing their job for society to function

industrialized societies

industrialized societies - individuals focus on one skill and reply on others to fulfill the rest of their needs