U6 L3: Economic Institutions

• this is defined as the act of coordinating the other factors of production: land, labor, and capital


  economic organization
• this is performed by the entrepreneur described as the "captain of industry"


  organization
• there are six aspects of the economic system

  1. property
  2. economic exchange
  3. division of labor
  4. economic socialization
  5. price
  6. law of supply and demand
• this is an aspect of economic system and is best understood as a socially acknowledged right rather than as material object

  property
• this is an aspect of economic system that involves the right of ownership which differs from a simple possession over goods and commodities

  property
• this is an aspect of economic system that is a process by which individuals and organizations give each other valuable goods and services, in return, for different goods and services

  economic exchange
• this is an aspect of economic system that is the distribution of work in reference to age, gender, skill, or qualification

  division of labor
• this is an aspect of economic system where in an economic organization, tasks are specialized and there is interdependence among various statuses and roles

  division of labor
• this is an aspect of economic system where this is the process by which people learn the values and behavior needed to fill positions in the economic community

  economic socialization
• this is an aspect of economic system wherein this is the monetary value of goods and services

  price
• this is an aspect of economic system that is determined by the interplay of supply and demand

  price
• this is an aspect of economic system that states that when demand is greater than supply, the price increases


  law of supply and demand
• this is an aspect of economic system that states when supply is greater than demand, price decreases


  law of supply and demand
• there are four types of economic organizations:

  1. sole proprietorship
  2. partnership
  3. corporation
  4. cooperative
• this is a type of economic organization where it is described as a "one man business"


  sole proprietorship
• this is a type of economic organization where the proprietor solely manages the business and undertakes the risks of the business

  sole proprietorship
• this is a type of economic organization where proprietor owns the capital and performs all the functions of entrepreneur

  sole proprietorship
• this is a type of economic organization where business is carried on by 2 or more men called partners

  partnership
• this is a type of economic organization wherein 2 or more individuals share the capital, profits, and liabilities of a business venture

  partnership
• this is a type of economic organization where it is a legal entity that is seperate and distinct from its owners


  corporation
• this is a type of economic organization where the individual enjoys most of the rights and responsibilities it possesses

  corporation
• this is a type of economic organization where it has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes

  corporation
• this is a type of economic organization wherein it is often referred to as a "legal person"


  corporation
• this is a type of economic organization that is created when it is incorporated by a group of shareholders who have ownership of the corp. it is represented by their holding of common stock in order to pursue a common objective


  corporation
• this is a type of economic organization is established for the purpose of providing services on a nonprofit basis to its shareholders or members who own and control it


  cooperative
• this is a type of economic organization wherein it has different nature and functions, like purchasing cooperatives, consumer cooperatives, and marketing cooperatives

  cooperative
• there are 6 different types of cooperatives in the philippines

  1. credit
  2. consumer's
  3. producer's
  4. marketing
  5. service
  6. multipurpose
• this is a type of cooperative in the philippines wherein it is the one that promotes and undertakes savings and lending services among its members

  
  

  
  

  credit cooperative
• this is a type of cooperative in the philippines where its members generates a common pool of funds in order to provide financial assistance and other related financial services to its members for productive and provident purposes

  credit cooperative
• this is a type of cooperative in the philippines wherein one of its primary purpose is to procure and distribute commodities to non/members


  consumer's cooperative
• this is a type of cooperative in the philippines wherein this is the one that undertakes a joint production whether agricultural or industrial

  producer's cooperative
• this is a type of cooperative in the philippines wherein this is the one that engages in the supply or production inputs to members and markets their products

  marketing cooperative
• this is a type of cooperative in the philippines wherein this is the one that engages in medical and dental care, hospitalization, transportation, insurance, housing, labor, electrical light and power, communication, etc.

  service cooperative
• this is a type of cooperative in the philippines wherein it combines 2 or more of the business activities of these types of cooperatives

  multipurpose cooperative
• there are 4 functions of economic institutions

  1. economic org provides physical subsistence for the society
  2. economy generates and incorporates social changes for society's continuity
  3. economy maintains balance with other social systems and among its social subsitence is the production, distribution, and consumption of economic goods and services
  4. economic institutions indicate the nature of social stratification in the society. also shows class mobility in relation to status differentials