Term
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Definition
| Populations systems for production, distribution, + consumption of resources |
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Term
| 3 parts of making a living |
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Definition
1)Production
2)Consumption
3)Medium of exchange |
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Term
| 2 Components of economic systems |
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Definition
1)Modes of Production
2)Means of Production |
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Term
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Definition
| How production is organized/controlled |
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Term
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Definition
| Resources utilized in production |
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Term
| Means of production: Land |
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Definition
Foragers-flexible land rights based on kinship
Food Producers-Land rights are strong + inflexible |
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Term
| Means of Production: Labor |
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Definition
non-industrial- find laborers through kinship ties
industrial-labor is found by hiring |
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Term
| Means of Production: Technology |
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Definition
non-industrial-everyone has same tech skills/access to tech
industrial-unequal tech/access to tech |
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Term
| 5 allocations of resources |
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Definition
1)Subsistence fund
2)Replacement fund (maintenance)
3)Social fund
4)Ceremonial fund
5)Rent fund-taxes |
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Term
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Definition
1)Reciprocity
2)Redistribution
3)Market |
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Term
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Definition
giving a product w/out expectations of reimbursement.
Ex: Parent to child |
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Term
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Definition
Exchange of one type of good for another type of equal valuve
Ex: Birthday gift |
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Term
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Definition
Exchange w/material advantage
Ex: Ebay |
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Term
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Definition
Goods collected at a central location to be spread throughout population
-Stratification (hierarchic)
-Centralization
-helps out less fortunate |
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Term
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Definition
Products are purchased w/currency
-value based on supply + demand |
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Term
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Definition
| people work for wages to sell goods that are sold to increase the owners wealth |
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Term
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Definition
1)Means of production controlled by few
2)Most individuals sell labor not products
3)Labor invested is worth more than wages provided |
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Term
| 4 aspects of market exchange |
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Definition
1)money
2)prices
3)supply + demand
4)private property |
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Term
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Definition
usually consume what they produce and sell the surplus
-marketing is secondary activity
-limited range of goods available |
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Term
| Specialization (dis/advantages) |
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Definition
Dis-must rely on everyone to do their jobs
Advantages-improved skills, increased surplus |
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Term
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Definition
Medium of exchange
-stores value
-Symbolic significance
-must be durable and divisible
-controllable supply |
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Term
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Definition
Cultural rules for trading
Ex: can only trade food for something in the food sphere of goods. |
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