Lesson 7: Economic Systems

An organized arrangement for producing, distributing, and comsuming goods.

Tools and other material equipment, together with the knowledge of how to make and use them.

THe exchange of goods and services, of approximately equal value, between two parties.

A mode of exchange in which the value of what is given is not calculated, nor is the time of repayment specified.

A mode of exchange in which the given and the recieving are specific as to the value of the goods and the time of delivery.

A form of exchange in which the aim is to get something for as little as possible. Neither fair nor balanced, it may involve hard bargaining, manipulation, and outright cheating.

A form of barter in which no verbal communication takes place.

A form of balanced reciprocity that reinforces trade relations among the seafaring Trobriand people, who inhabit a large ring of islands in the southwestern Pacific ocean off the eastern coast of Papua New Guinea, and ither Melanesians.

A form of exchange in which goods flow into a central place, where they are sorted, counted, and reallocated.

A showy display of wealth for social prestige.

On the northwest coast of North America, a ceremonial event in which a village chief publicly gives away stockpiled food and other goods that signify wealth.

A creation of a surplus for the express purpose of gaining prestige through a public display of wealth that is given away as gifts.

A cultural obligation compelling prosperous members of a community to give away goods, host public feasts, provide free service, or otherwise demonstrate generosity so that no one permanently accumulates significantly more wealth than anyone else.

The buying and selling of goods and services, with prices set by rules of supply and demand.

Something used to make payments for other goods and services as well as to measure their value.

A network of producing and circulating marketable commodities, labor, and services that for various reasons escape government control.