2 Flashcards
is comprised of the President and the Vice President who are chosen by direct popular vote and fulfill a term of six years
Executive Branch
can make laws, alter, and reverse them through the power bestowed in the Philippine Congress
Legislative Branch
maintains the power to resolve disputes concerning rights that are legally demandable and enforceable
Judicial Branch
capacity to realize desired ends despite opposition from others
Power
respect for a long-standing cultural pattern is used to legitimize power
Traditional
or also known as bureaucratic authority; legally created rules and regulations are used to legitimize power
Rational-Legal
extraordinary personal skills that inspire devotion and obedience are used to legitimize power
Charismatic
it can influence the complexity of society and the character of its cultural and social life
Economic Institution
enduring organization, practice, or relationship created by individuals to handle and cope with basic economic dilemmas
Economic Institutions
transaction between two socially equal parties having the same status with regards to values of goods or service
Reciprocity
a form of transaction which utilizes gestures that expresses personal relationships than economic transactions
Generalized Reciprocity
in this form of transaction, the giver is expected something to in gain return although it does not have to be given instantly
Balanced Reciprocity
this transaction is being practiced using deceiving ways to gain profit. in this form of transaction, individuals involved try to gain as much as conceivable while paying the least amount possible
Negative Reciprocity
the process by which products produced out from the community is sent to a place where they are stored, counted, and later distributed back to the people
Redistribution
the price of the transactions of deliverables and services are supposedly governed by the rules of supply and demand
Market Value
help us keep our money, avail different kinds of loan, and exchange currencies
Banks
helps the country by providing financial assistance to those entrepreneurs who wanted to create or expand their business
Banks
manage withdrawals and deposits as well as supplying short-term loans to a person and small scale businesses
Commercial/Retail Banks
bank that purchases large holdings of newly issued shares and resells them to investors
Investment Bank
offers insurance policies to the public either by selling them directly to a person or through an employer’s benefit plan
Insurance and Companies
is owned by a group of people, but has a separate legal identity (the owner of a ________ are not responsible for its own debts)
Corporation
or also known as labor unions are consist of workforces who have come together to attain mutual goals like protecting the integrity of its trade, improving safety standards, achieving higher pay and benefits like health care, and retirement
Trade Unions
are made up of people with common interest who agreed to work together for easy, safe, and affordable access to commodities, loans, and other services
Cooperatives
these are independent organizations whose goals are to help develop and support economic growth especially for the poor and marginal portion of the society
Development Agencies