Lecture 6 Quiz Notes.docx - ISS 215 Lecture 6 Notes...

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ISS 215 Lecture 6 Notes Economic Institutions – social organization of production, distribution, and consumption of goods and services in a society. Deals with three variables: o Production of goods – analyze what is being produced and why. o Distribution – linking the place of production and the place of consumption. o Consumption – your production heavily depends on consumer (consumers age, background, religion, culture, and values all influence production) Capitalism – Individuals own the means of production (property, machinery, infrastructure) o INEQUALITY o State does not own means of production o Profit is main goal o People are not equal because people own different things (Social Stratification) o No guarantee of anything Welfarism – Based on capitalism o Means of production are owned by the people and not by the state o Basic needs are guaranteed besides job (food, housing, health care, and education) o Also known as European Socialism

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