Economic

• Reciprocity exists when there is an exchange of goods or labor between individuals in a community, including direct barter or simultaneous exchanges of goods or labor.
• Generalized Reciprocity is the exchange of goods and services without a definite time frame of when the favor should be returned.
• Balanced Reciprocity is an exchange that occurs between groups or individuals with the donor expecting to receive something of equal or similar value.
• Negative Reciprocity happens when groups try to maximize their gains while giving as little as possible.
• Transfer entails a redistribution of income that is not matched by the actual exchange of goods or services.
• Redistribution is considered as a combination of transfer and reciprocity, involving a centralized collection of goods from members of a group and redistributes the goods to the same members of the group.
• Market transaction involves parties who sell their goods and services in exchange for cash from consumers or customers.
• Money consists of objects that serve as means of exchange for goods and services.
• Prices are the amount required or agreed upon by the exchanging parties.
• Supply is the quantity of goods or services that are available to sell at a given price and period of time.
• Demand is the quantity of goods or services that consumers are willing to purchase at a given price and time period.
• Government regulates the prices especially for the basic commodity to protect the interest of the consumers.
• Government intervenes in the activities of market institutions to primarily protect the interest and welfare of the consumers and the workers.
• Suggested Retail Price (SRP) means that the price of a certain commodity follows a price ceiling or the maximum price set by the government.
• Labor is considered a commodity and it is an input to the production of goods and services.
• Nonstate Organizations/Institutions include Bank, Corporation, Cooperative, Labor Union, Development agencies, Global Organizations, International Organizations.
• Bank is a place where people deposit or save their money with interest in a given period and it lends money both to public and private organizations.
• corporation is a company or group of people authorized to act as a single entity and recognized as such in law.
• Cooperative refers to an autonomous association whose membership is voluntary toward the attainment of shared economic, social and, cultural needs or aspirations, and the members are the owner of a cooperative.
• trade union is an organization of workers whose main objective is to protect the welfare of its members, to collectively negotiate with employers for better compensation benefits, to ensure safety standards in the workplace, and others.
• Transnational Advocacy Groups are involved in social advocacy to promote principled causes, ideas, and values, and their goal is to give the powerless a voice in the domestic and international law-making body.
• Global Organizations work in the development of entire countries, they are the funders and donors, and they operate by giving loans or grants to other countries to be used for improvement.
• International organizations are organizations with a worldwide membership, scope, or presence.
• International Non-governmental Organizations (INGO) operates internationally.
• International Governmental Organizations (IGOs) are organizations that are made up primarily of member states such as the United Nations.