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Transcript of Economic Institutions
Refers to a network of commercial
organizations that determine how goods and services are produced, generated, distributed, and purchased
Types of Reciprocity
Prepared by: June Angelo V. Lonceras
It is defined as the a system of voluntary exchange among individuals based on the
understanding that the giving of favor by one will be reciprocated in the future
either to the giver or to someone else.
It is defined as an exchange of equal advantages
Is giving something without the anticipation of an instant
Is giving out of something with the anticipation of immediate
Occurs when the exchange of something already involves
taking advantage of someone or the situation. Most of the time, this type of
exchange involves trickery, intimidation, or hard bargaining
In economics, transfer or transfer payment is a redistribution of income or
resources in the market system. It refers to payments or transactions where there is no value added to the economy. There is no additional production of goods and services but just a transfer of money from private hands to government.
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