Vocab for Economics

Question 1

Subsistence Strategies

Answer 1

Way a society transforms environmental resources into food

Question 2

Foraging

Answer 2

A food-strategy that doesn’t involve food production or domestication of animals and that involves no conscious effort to alter the environment (fishing, hunting, collecting vegetables)

Question 3

Sedentary

Answer 3

Settled, living in one place

Question 4

Transhumant Pastoralism

Answer 4

A form of pastoralism in which herd animals are moved regularly throughout the year to different areas as pasture becomes available (East Africa)

Question 5

Nomadic Pastoralism

Answer 5

A form of pastoralism in which the whole social group (men, women, children) and their animals move in search of pasture

Question 6

Agriculture

Answer 6

A form of food production in which fields are in permanent cultivation using plows, animals and techniques of soil and water control

Question 7

Population Density

Answer 7

The number of people inhabiting given area of land

Question 8

Swidden

Answer 8

Slash and Burn cultivation, a form of cultivation in which a field is cleared by felling the trees and burning the brush. Typical of the horticulture

Question 9

Peasants

Answer 9

Rural cultivators who produce for the subsistence of their households but are also integrated into a larger, complex state societies

Question 10

Globalization

Answer 10

The integration of resources, labor, and capital into a global network

Question 11

Industrialism

Answer 11

The replacement of human energy by machines in the process of production

Question 12

Economic Systems

Answer 12

The norms governing production, distribution, and consumption of goods and services within a society

Question 13

Productive Resources

Answer 13

Material goods, natural resources, or information used to create other goods or information

Question 14

Capitalism

Answer 14

An economic system in which people work for wages, land, and capital goods are privately owned, and capital is invested to profit

Question 15

Underground Economy

Answer 15

Untaxed income, drug dealing, prostitution, selling liquor w/o a license, gambling is considered the illegal underground economy. The legal underground economy is babysitting, mechanics, dog walking

Question 16

Generalized Reciprocity

Answer 16

Giving and receiving of goods nearly equal value with a clear obligation of a return gift within a specified time limit

Question 17

Defacto Apartheid

Answer 17

To some extent the choice of the people living their but segregation on the basis of class or economic status, in which an underclass is forced to exist separated from the rest of the population (Bourgois violates this)

Question 18

Balanced Reciprocity

Answer 18

The giving and receiving goods of nearly equal value with a clear obligation of a return gift within a specified time limit

Question 19

Negative Reciprocity

Answer 19

Exchange conducted for the purpose of material advantage and desire to get something for nothing

Question 20

Kula Ring

Answer 20

A pattern of exchange among trading partners in the South Pacific Islands

Question 21

Potlatch

Answer 21

A form of redistribution involving competitive feasting practiced among Northwestern Coast Native Americans

Question 22

Cargo System

Answer 22

A ritual system common in Central and South America in which wealthy people are required to hold a series of costly ceremonial offices

Question 23

Redistribution

Answer 23

Exchange in which goods are collected then distributed to members of a group

Question 24

Leveling Mechanisms

Answer 24

A practice, value, or form of social organization that evens out wealth within a society

Question 25

Market Exchange

Answer 25

An economic system in which goods and services are brought and sold at a money price and determined primarily by the forces of supply and demand

Question 26

Marginalization

Answer 26

On the edge of the island, both literally and metaphorically, minority groups pushed away

Question 27

Inner city street culture

Answer 27

Lower socio-economic status, Puerto Ricans or Nuyoricans that live in NY, a form of resistance of mainstream society, the more dominate culture that is set up my upper class elites (rapping/ RNB sagging, graffiti,

Question 28

Cultural Capital

Answer 28

Anything you can use to make money, elements of your culture skills, knowledge that allows you to be successful in your culture (Ray lacks cultural capital because he doesn't know how to read, doesn't have am ID, doesn't understand the legal economy)