economic ins

• are those that are involved in the production and distribution of the goods and services that members of a society need

  ECONOMIC INSTITUTIONS
• which are an important part of a functioning economy, happen for different reasons and through different ways.

  economic exchaanges
• refers to the voluntary giving or taking of objects without the use of money in the hopes that, in the future, they could be given back. It may take in the form of: Barter, hospitality, gift-giving and sharing

  RECIPROCITY
• FORMS OF RECIPROCITY

  Generalized balanced negative
• a redistribution of wealth and income where no goods or services are being given to the donor in return.

  transfers
• It occurs when individuals’ goods or services are pooled together by a central authority to be used at a later time.

  redistribution
• may refer to a regional collection point, a storehouse, or the national capital. Note that the main difference between redistribution and reciprocity is that the latter refers to an exchange where goods are passed back and forth from one group to another.
• may refer to a regional collection point, a storehouse, or the national capital. Note that the main difference between redistribution and reciprocity is that the latter refers to an exchange where goods are passed back and forth from one group to another.

  central authority
• The exchange of goods and services through a market.

  market transactions
• which refers to the organized process of sale and distribution at money price.

  market exchange
• Types of state according to market roles

  laissez-fair, interventionist or developmental, welfare
• the economy functions best when the government does not intervene through regulations, subsidies, privileges, and other types of intervention.

  Laissez-faire state
• Laissez-faire state

  to leave alone
• A state that intervenes in the market and sets the direction and pace of economic development. In these types of states, the state and the market are closely intertwined, and their relationship is managed by a special bureau or department that coordinates the developmental efforts of the state on the economy.

  Interventionist or developmental state
• Is one that plays an important role in the achievement and protection of the economic and social well-being of its citizens. Examples of programs of the welfare state are the provision of health services, low-cost housing, and basic education.

  welfare state