SOSC 1341 Lecture Notes - Lecture 3: Skill

• School: York University
• Department: Social Science
• Course: SOSC 1341
• Professor: Stephan Dobson

Document Summary

An economy is all the work that human beings perform in order to produce the things we need in our lives. 1 jim stanford breaks down what is the economy and economics, in economics for everyone. Everyone in our society plays a small role in this world we live in, whether we go to work or school they are critical factors that make up an economy. Reciprocity is the practice of exchanging goods with others for mutual beneit2. Karl polyani writes that some economic systems rely on this. The people believed that they do not need any economic gain, but believe is civic virtue. Taking into consideration that this book was written in the 1940"s, so, our greed today is not the same as the lack of greed people use to have. The other economic system that was relied upon was redistribution, where a society would collect goods and store it with the leader of that community.