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Anthropology 101

Economic Exchange

QuestionAnswer
Economic System An organization arrangement for producing, distributing, and consuming goods
Redistribution A mode of exchange in which goods flow into a central place, where they are sorted, counted, and reallocated
Technology Tools and other material equipment, together with the knowledge of how to make and use them
Division of Labor A look around the world reveals many different labor patterns, but two features are almost always present in human culture: a basic division of labor by gender and by age
Reciprocity The exchange of goods and services, of approximately equal value, between two parties
Generalized Reciprocity A mode of exchange in which the value of the gift is not calculated, nor is the time of repayment specified
Balanced Reciprocity A mode of exchange in which the giving and the receiving are specific as to the value of the goods or services and the time of their delivery
Negative Reciprocity A mode of exchange in which the aim is to get something for as little as possible. Neither fair not balanced, it may involve hard bargaining, manipulation, outright cheating or theft
Kula Ring A form of balanced reciprocity that reinforces trade and social relations among the seafaring Melanesians who inhabit a large ring of islands in the southwestern Pacific Ocean
Conspicuous Consumption A showy display of wealth for social prestige
Potlatch On the northwestern coast of North America, a ceremonial event in which a village chief publicly gives away stockpiled food and other goods that signify wealth
Prestige Economy The creation of a surplus for the express purpose of displaying wealth and giving it away to raise one's status
Leveling Mechanism A cultural obligation compelling prosperous members of a community to give away goods, host public feasts provide free service or otherwise demonstrate generosity so that no one permanently accumulates significantly more wealth than anyone else
Market Exchange The buying and selling of goods and services, with prices set by rules of supply and demand
Informal Economy A network of people producing and circulating marketable commodities, labor, and services that for various reasons escape government control
Created by: crescenti
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