5 Flashcards
are basically durable systems of established and embedded social rules that create a structure for social interactions (Hodgson, 2001)
Institution
provide humanly devised controls and limitations that shape contact and exchange of information amongst humans within a society.
Institution
are the formal and informal rules that organize the economic flow and activity of a society (Kelly, 2012).
Economic institution
(when individuals and/or organizations interact with one another and establish expected norms and behaviors,
Informally
through deliberate establishment or design (this is usually done by the government or a private enterprise).
Formally
aid in strategizing and deciding the flow of production, consumption, and distribution of goods and services of a society to ensure that each individual’s needs are met.
Economic institutions
a form of gift exchange between two parties wherein return is expected after product or gift giving
Reciprocity
During the occurrence of exchanging gifts or products, there are two things that happen
Economic gain
Social gaim
are payments that are made without any good or service being received in return (Bishop, 2012).
Transfer
is the process of transferring income and wealth be it in the form of money, physical property, and the like-from one individual to other individuals
Redistribution
When we talk about redistribution, it is the act of the government to distribute income from the wealthy businesses and citizens to the less wealthy
Mares, 2014
From each according to his ability, to each according to his needs. Similarly, Barrack Obama clearly states in his 2008 campaign why redistribution of wealth is needed in society when he says that “when you spread the wealth around, it’s good for everybody.
Karl marx
basically the system of exchange in a market.
Market transaction
Also called as Financial Transactions, buyers and sellers exchange with one another items of value like information, goods, services, and money.
Market transaction
This type of transaction is the most common amongst all kinds of transactions. A buyer and seller interact with one another to exchange goods for an amount of money. In this scenario, one party gains more financial wealth while the other gains more wealth via goods and items.
Purchases
