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Canada (161,962)
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ANTH 1150 (169)
R.Sylvain (15)
Chapter 7

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ANTH 1150

Chapter 7 Definition of EconomyRefers to the kinds of decisions people make when they have only limited resources or wealthand there are unlimited goods and services they would like to acquire or useEconomizing refers to the choices people make that they believe will provide the greatest benefit to themAn economy refers to the activities people engage in to produce and obtain goods and servicesEconomics is embedded in the social process production is carried out in families and communities and distribution exchange and consumption have social and political functionsCultural traditions shape the specific motivations for producing exchanging and consuming goods and servicesdifferent cultures value different goods and services and tolerate or prohibit different kinds of relationships among the people who produce exchange and consume ExchangeHumans either directly consume the products of their labor or they distribute it by means of exchangeExchange is the practice of giving and receiving valued objects and servicesGeneralized reciprocity involves mutual giving and receiving among people of equal status in which there is 1 no need for immediate return and 2 no systematic calculation of the value of the services and products exchanged and 3 an overt denial that a balance is being calculated or that the balance must come out evenSome individuals will come to enjoy reput
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