ANTH 1520 Study Guide - Midterm Guide: Marshall Sahlins, Totem, Nationstates
14 Apr 2018
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Value - relative worth of a desirable object/service. Economic anthropology - field focused on how people make/share/buy things and services. Economic system - structured patterns and relationships through which people exchange goods/services. Division of labor - cooperative organization of work into specialized tasks and roles. Exchange - transfer of objects and services between social actors. Market - social institution where people come together to exchange goods/services. Neoclassical economics - economic theories/approaches that study how people make decisions to allocate resources like (time, labor, money) to maximize personal benefit. Capitalism - system based on private ownership of means of production, in which prices are set and goods distributed through a market. Formal economics - branch that studies underlying logic of economic thought and action. Substansive economics - branch that studies daily transactions people have to get what they need/want. Redistribution - collection of goods in a community and dispersal of those goods among members.
