ECONOMICS AND POLITICS

The economy is a social institution that organizes the

production, distribution, and consumption of goods and services.

• True

• False

Economic‌ ‌Institutions are any establishments that have a bearing on society,

whether this institution is business or not.

• True

• False

EXCHANGE

is the movement of resources from where they are found or produced

• True

• False

1. DISTRIBUTION

2. is the transfer of goods between individuals or groups.

• True

• False

1. RECIPROCITY

2. is the act of exchanging things with others for benefit.

• True

• False

REDISTRIBUTION

is the exchange system wherein commodities are contributed

by all members of a social group to a common pool.

• True

• False

MARKET TRANSACTIONS

is a place where direct exchanges of commodities occur.

• True

• False

The state is a political organization

that possesses sovereign jurisdiction within the defined territory.

• True

• False

The state is the institution whose functions are carried out by the government.

• True

• False

In today’s form of capitalism,

the state through its government as the agency

intervenes or regulates economic relations as well as institutions and processes.

• True

• False