VALUE POINTS
1. Extended family where that is more than one couple and after more than two generations living together.
2. Modern family consists of only one set parents and their children.
3. The weekly haat is a common sight in rural and even urban India. In hilly and forested areas (especially those inhabited by adivasis), where settlements are far-flung, roads and communications poor, and the economy relatively undeveloped, the weekly market is the major institution for the exchange of goods as well as for social linter course.
4. Adam Smith in his book the wealth of the nation mentioned about the concept of Invisible Hand.
5. a. The oldest inhabitants of the sub-continent.
b. Tribes were communities that did not practice a religion with a written text.
c. They did not have a state or political form of the formal kind.
4. They did not have sharp class divisions; and did not have caste distinctions.
6. Liberalisation includes a range of policies such as the privatisation of public sector enterprises (selling government-owned companies to private companies); loosening of government regulations on capital, labour, and trade; a reduction in tariffs and import duties so that foreign goods can be imported more easily; and allowing easier access for foreign companies to set up industries in India
7. Max Weber, was among the first to point out that the goods that people buy and use are closely related to their status in society. He coined the term status symbol to describe this relationship. For example, among the middle class in India today, the brand of cell phone or the model of car that one owns are important markers of socio-economic status.
8.
9. Commodification occurs when things that were earlier not treated in the market become commodities. For eg:-
1. Laboures or skills have become things that can be bought and sold.
2. Sale of human organs such as kidney by poor to cater to rich patients to earn money.
3. Traditionally, marriages were arranged by families but now professionally marriage bureaus and web sites help people to find brides and grooms and take a proper fees. Earlier rituals and ceremonies were planned out by elders in the family but now it is given as a contract to marriage planners to plan out entire ceremony.
4. In earlier times, people could not have even thought that anyone could sell drinking water or charge money for it. But today, we buy bottled water as a normal commodity i.e. a commodity we can buy and sell.
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