Chapter 7: Economic Systems

Front 1

Consumption

Back 1

Use of subsistence resources, including outcomes and production.

Front 2

Economic system

Back 2

Cultural methods of allocating natural resources, the means of exploiting the resources trough technology, the organization of work, and the production, distribution, consumption and exchange of goods and services.

Front 3

Production

Back 3

System of extracting resources and utilizing labor and technology to obtain foods, goods and services.

Front 4

Specialization of labor

Back 4

System allocating work in which different people perform different tasks.

Front 5

Generalized reciprocity

Back 5

The exchange of goods and services without keeping track of there exact value. With the expectation that their value with balance out over time.

Front 6

Balanced reciprocity

Back 6

Exchange of goods and services of a specified value at a specified time and place.

Front 7

Potlatch

Back 7

Ceremonial feast, characteristic of indigenous Pacific Northwest costal societies, during which hosts distributed to guests a great deal of food and goods that had been accumulated over many months or years.

Front 8

Negative reciprocity

Back 8

Exchange of goods and services in which each party seek benefit at the expense of the other, thus making a profit.

Front 9

Barter

Back 9

An exchange of products in which one person gives one type of product in exchange for another type of product.

Front 10

Redistributive networks

Back 10

Economic systems in which an organizer a amasses food and other goods and then distributed to community or guests at large public gatherings.

Front 11

Trade

Back 11

System of exchange in which goods are exchanged for other goods or money.

Front 12

Market economy

Back 12

Economic system in which products are traded in impersonal exchanges between buyers and sellers using an all purpose currency.

Front 13

Commodity

Back 13

Product that can be sold or traded in return for money or other products.

Front 14

Capitalism

Back 14

Economic mode of production in which a goal is to amass wealth in the form of money to gain control over the means of production and then use this control to accumulate even greater wealth.

Front 15

Capital

Back 15

Land, money, factories, and the like that support and supply the material needed for production.

Front 16

Surplus value

Back 16

Amount of value that workers produce in capitalist production that is greater then the wage paid to them.

Front 17

colonialism

Back 17

Policies in which countries end tabling colonies in district places to exploit their resources and labor and possibly to establish settlements of their own citizens abroad.

Front 18

Poll taxes

Back 18

Taxes levied on households.

Front 19

Industrialism

Back 19

The use of machines to produce products and food.

Front 20

Industrial agriculture

Back 20

Application of industrial technology and chemicals to farming for increased productivity.

Front 21

Consumerism

Back 21

Culture of consumption of goods and services.