ANTH 1031 Chapter Notes - Chapter 8: Neoliberalism, Capital Accumulation
3 Feb 2017
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Document Summary
Economics is how people make their living by satisfying needs and wants. There are three processes involved in making a living: working, consuming, and exchanging. Three types of exchange: reciprocity: back-and-forth exchange of products or objects between two or more individuals or groups; aims to help others, create, maintain, and strengthen social relationships, and satisfy ones own needs. !1: redistribution: collection of products or money from an organized group or society into a common pool or fund, followed by a reallocation to the group by a central authority. Paying income tax is an example of redistribution, because a portion of what you earned is reallocated to other aspects of society. Market economy: an economy organized by market principles: Prices are determined by supply and demand. Individuals and families rely on the market for their livelihood. Free market allocation of resources, products, and services. Practically all goods and services have a monetary price.
