Podcast
Questions and Answers
What is the purpose of the dowry given by a Muslim groom to his prospective bride?
What is the purpose of the dowry given by a Muslim groom to his prospective bride?
Which type of reciprocity utilizes gestures that express personal relationships more than economic transactions?
Which type of reciprocity utilizes gestures that express personal relationships more than economic transactions?
In which form of reciprocity do individuals try to gain as much as possible while paying the least amount?
In which form of reciprocity do individuals try to gain as much as possible while paying the least amount?
What is a common practice in the Philippines that exemplifies generalized reciprocity?
What is a common practice in the Philippines that exemplifies generalized reciprocity?
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Which form of reciprocity involves a transaction where the giver expects to gain something in return but not instantly?
Which form of reciprocity involves a transaction where the giver expects to gain something in return but not instantly?
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What distinguishes generalized reciprocity from other forms of reciprocity?
What distinguishes generalized reciprocity from other forms of reciprocity?
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What drives human beings to aim for goods and services according to the text?
What drives human beings to aim for goods and services according to the text?
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How can an alteration in means of production and redistribution of goods impact society?
How can an alteration in means of production and redistribution of goods impact society?
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According to Gilliard et al. (2000), how do they define an economic institution?
According to Gilliard et al. (2000), how do they define an economic institution?
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What can be the impact of continuous increase in price of petrol on fruits and vegetables, as mentioned in the text?
What can be the impact of continuous increase in price of petrol on fruits and vegetables, as mentioned in the text?
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How does economic activity influence society according to the text?
How does economic activity influence society according to the text?
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Why are economic institutions important in handling basic economic dilemmas?
Why are economic institutions important in handling basic economic dilemmas?
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Study Notes
Economic Institutions
- Human beings are driven to satisfy their basic necessities, including food, water, and shelter, which can be attained through collective effort.
- Economic activity is essential in human life, influencing the complexity of society and the character of its cultural and social life.
Importance of Economic Institutions
- Changes in the means of production, redistribution, and exchanges of deliverables or services can strongly affect the overall functioning of society.
- For example, an increase in petrol prices can have a massive effect on the price of goods such as fruits and vegetables, leading to a possible change in market value.
Definition of Economic Institutions
- An economic institution is defined as an enduring organization, practice, or relationship created by individuals to handle and cope with basic economic dilemmas (Gilliard et al., 2000).
Forms of Redistribution and Exchange of Products
- Reciprocity: a transaction between two socially equal parties having the same status with regards to values of goods or services.
Types of Reciprocity
- Generalized Reciprocity: a form of transaction that utilizes gestures that express personal relationships rather than economic transactions.
- Example: an eldest child graduating and providing means to sustain the academic needs of their other siblings in the Philippines.
- Balanced Reciprocity: a transaction where the giver is expected to gain something in return, although it does not have to be given instantly.
- Negative Reciprocity: a transaction that utilizes deceiving ways to gain profit, where individuals involved try to gain as much as possible while paying the least amount possible.
- Example: business transactions between Filipino artists and advertisement companies.
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Description
Test your knowledge on economic institutions and their impact on society. Explore the role of economic activity in shaping cultural and social life.
