anthropology chapter 8

generalized reciprocity

mode of exchange where value is not calculated and time of repayment is not specified

balanced reciprocity

mode of exchange where value is calculated and time of repayment is specified

negative reciprocity

mode of exchange where the aim is to get something for as little as possible

economic system

organized arrangement for producing, distributing, and consuming goods

technology

tools and other material equipment, together with knowledge about how to make and use them

reciprocity

exchange of goods and services of approximately equal value between two parties

silent trade

exchange of goods between mutually distrusting ethnic groups so as to avoid direct personal contact

Kula ring

mode of exchange that reinforces trade and social relations among the Melanesians

redistribution

mode of exchange where goods flow into central place and are sorted, counted, and reallocated

conspicuous consumption

showy display of wealth for social prestige

potlatch

indigenous ceremonial event in which a village chief publicly gives away stockpiled goods

prestige economy

creation of a surplus for the express purpose of displaying wealth

leveling mechanism

cultural obligation compelling prosperous members of a community to give away goods

market exchange

buying and selling of goods and services with prices set by supply and demand rules

money

means of exchange used to pay for goods and services and measure their value

informal economy

network of producing and circulating marketable commodities, labor, and services that escapes government control