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37 Cards in this Set
- Front
- Back
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exist when there is an exchange of goods and labor. |
Reciprocity |
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entails a redistribution of income that is not matched by the actual exchange of goods. |
Transfer |
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combinations of the features of transfer and reciprocity. |
Redistribution |
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type of economic system that allows the free flow of goods. |
Market System |
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the idea of self-interest and competition in the market place, which brings about a socially optimum result even in the absence of government intervention. |
Invisible hand |
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mechanism and not necessarily a place that brings buyers and sellers together |
Market |
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serve as a signaling device to indicate the value of a good or service to both the buyers and the sellers |
Prices |
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requirement for a market economy. Critical to the market economy is the ability to produce goods and services efficiently. |
Specialization |
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is called the division of labor. Specialization contributes to efficiency by taking advantage of the differences in every person’s abilities. |
Human Specialization |
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involves parties who sell their goods and services in exchange for cash from consumers. |
Market Transaction |
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where the production, distribution, and consumption of goods and services operate through these forms of exchange. |
Market Economy |
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where the price of a good or service is determined by the forces of supply (the available level of products or services provided by producers or sellers) and demand (the level of willingness of consumers to purchase). |
Free Market Economy |
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the state plays an important role in the market. |
State Market Relationships |
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considered a commodity, except that in this case, the sellers of the service are the workers, while the consumers are the factories and the producers. |
Labor |
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political body the exercises monopoly of violence or legitimate control overuse of force within its territory. |
State |
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determined by regional wage, is the below which no employer would allow paying their workers. |
Minimum Wage |
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or a socialist economy happens when the government takes over the functions of the market in producing and distributing essential goods and services. |
Command Economy |
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are compulsory contributions to government coffers, normally levied on the worker’s income, business profits, and consumption of goods and services, to raise revenues for government spending. |
Taxes |
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financial institution that lends money to both public as well as private organizations. |
Bank |
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refers to the aboard category of non-state organizations representing a company or group of people that engage in a lawful activity. |
Corporation |
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ownership is through stockholders who own particular shares. |
Stock Corporation |
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owned by members that join the organization. |
Nonstock Corporation |
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refers to an autonomous association whose membership is voluntary towards the attainment of common economic, social, and cultural needs or aspirations. |
Cooperative or Coop |
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refers to an organization of workers whose main objective is to protect the welfare of its members. |
Trade or Labor Union |
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universities, schools, and colleges. |
Academic and Science Based Organization |
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Print, radio, and television. |
Mass Media |
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organized religion seen in church and congregation. |
Religious Organization |
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third-party mediating organizations. |
Nongovernmental Organization |
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grassroots-based organizations composed of people who are really in the community and are directly involved. |
People's organization |
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organization established by a treaty or other instrument governed by international law and possessing its own international legal by personality, such as the United Nations, the World Health Organization, and NATO. |
International Organization |
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defined as “self-organized advocacy groups undertaking voluntary actions across state borders in pursuit of what they deem the wider public interest.” refers to the collection of actors. also referred to as “transnational advocacy networks” due to the nature of actors’ connection with each other. |
Transnational Advocacy Organization |
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were formed as a response to crises like war damage and industrial decline. |
Development Agencies |
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nonmarket institution |
Reciprocity Transfer Redistribution |
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market institution |
Market System Invisible Hand Market Prices Specialization Human Specialization Barter Market Transaction Market Economy Free Market Economy |
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State Market Relationship |
Labor State Minimum Wage Command Economy Taxes |
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market and economic organization |
Bank Corporation Stock Corporation Nonstock Corporation Cooperative or Coop Trade or Labor Union |
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civil society organizations |
Academic and Science Based Organizations Mass Media Religious Organization Nongovernmental Organization People's Organization |
