economy |
the social institution that organizes a society’s production, distribution, and consumption of goods and services |
social institution |
the major spheres of social life, or societal subsystems organized to meet human needs |
postindustrial economy |
a productive system based on service work and high technology |
primary sector |
the part of the economy that draws raw materials from the natural environment *is of greatest importance in low-income nations (26% of economy) i.e. agriculture, fishing, mining |
secondary sector |
the part of the economy that transforms raw materials into manufactured goods *significant share of economy in low-, middle-, high-income nations (25%-35% of economy) i.e. automobile and clothing manufacturing |
tertiary sector |
the part of the economy that involves services rather than goods *is the largest sector in low-, middle-, high-income nations (49%-73%) i.e. secretarial work, sales, teaching |
global economy |
economic activity that crosses national borders |
agricultural revolution |
(5000 yrs ago) made the economy a distinct social institution based on: -agricultural technology -specialized work -permanent settlements -trade |
industrial revolution |
(began around 1750); expanded the economy based on: -new sources of energy -centralization of work in factories -specialization and mass production -wage labor |
the postindustrial economy propelled by the ___________ __________ is based on: |
information revolution; (began around 1950) -shift from industrial work to service work -computer technology |
the information revolution made 3 significant changes: |
1. changed from tangible products to ideas 2. moved from mechanical skills to literacy skills 3. from factories to almost anywhere |
Capitalism |
an economic system in which natural resources and the means of producing goods and services are privately owned |
Capitalism results in: |
-greater productivity -higher overall standard of living -greater income inequality -freedom to act according to self-interest i.e. U.S. mostly capitalist economy |
Socialism |
an economic system in which natural resources and the means of producing goods and services are collectively owned |
Socialism results in: |
-less productivity -lower overall standard of living -less income inequality -freedom from basic want i.e. China & Venezuela |
communism |
a hypothetical economic and political system in which all members of a society are socially equal |
Welfare capitalism |
an economic and political system that combines a mostly market based economy with extensive social welfare programs |
under welfare capitalism: |
-government may own some large industries such as transportation and the mass media -most industry is privately owned but highly regulated by the government -high taxation of the rich helps pay for extensive gov services for all i.e. Sweden/ Italy |
State Capitalism |
an economic and political system in which companies are privately owned but cooperate closely with the government |
under State Capitalism: |
government works in partnership with large companies by: *supplying financial assistance *controlling foreign imports i.e. Japan/Singapore |
primary labor market |
jobs that provide extensive benefits to workers *these jobs involve interesting work, high income, benefits, and job security |
secondary labor market |
jobs that provide minimal benefits to workers *these jobs have lower pay, less job security, fewer benefits, and provide less personal satisfaction. |
labor unions |
organizations of workers that seek to improve wages and working conditions through various strategies, including negotiations and strikes |
profession |
prestigious white-collar occupation that requires extensive formal education |
underground economy |
economic activity involving income not reported to the government as required by law |
jobs in the postindustrial U.S. economy |
Agricultural work-1.7% of jobs Blue Collar work-13% of jobs White-collar work-85% of jobs |
Self-employment |
6.8% workers in U.S. self employed *many professionals fall into this category, but most have blue_collar jobs |
Unemployment |
*many causes, including the operation of the economy *8.9% country unemployed (2011) *highest risk: young people and African Americans |
Information technology affect on work |
Changing the workplace and how people work computers are: -deskilling labor -making work more abstract -limiting interaction among workers -increasing employers control over workers -allowing companies to re-locate work |
Corporations |
an organization with a legal existence including rights, liabilities, separate from that of its members |
corporations form: |
*the core of the U.S. economy Incorporation *makes an organization a legal entity *shields owners wealth from lawsuits brought against the company *can result in a lower tax rate on the company’s profits |
conglomerate |
a giant corporation composed of many smaller corporations |
Conglomerates account for: |
*most corporate assets and profits (i.e PepsiCo., General Motors) *corporations are linked through interlocking directorates *recognizing that corporate linkages and the domination of certain markets by large corporations reduce competition, federal laws forbid monopoly and price fixing |
monopoly |
the domination of a market by a single producer |
oligopoly |
the domination of a market by a few producers |
Many large corporations operate as: |
multinationals-producing and distributing products in nations around the world |
Modernization theorists claim that multinationals: |
raise living standards in poor countries by offering them more jobs and advanced technology |
Dependency theorists claim that multinationals:; |
make global inequality worse by pushing poor countries to produce goods for export and making them more dependent on rich nations |
The economy organizes the production, distribution, and consumption of goods and services. T or F |
true |
The economy did not emerge as a distinct social institution until the Industrial Revolution. |
false |
One key to industrialization was creating new sources of energy. |
true |
Compared to agricultural work, industrial jobs involve less specialization. |
false |
The invention of the corporation is generally taken as the point at which a postindustrial society emerged. |
false |
The Information Revolution requires workers to gain literacy skills instead of the mechanical skills that were important during the Industrial Revolution. |
true |
Agricultural production is part of the primary sector of the economy. |
true |
The concepts "primary sector," "secondary sector," and "tertiary sector" refer to how productive a sector is in terms of economic value |
false |
The global economy pays little regard to national borders. |
true |
Adam Smith’s idea was that, in a capitalist system, government tells businesses what to produce and consumers what to buy. |
false |
Although there are many privately-owned companies in the United States, most of the U.S. economy is owned and operated by the government. |
false |
Taken together, local, state, and federal governments are the U.S.’s largest single employer. |
true |
Socialism is also called a "laissez-faire" economic system. |
false |
Socialism has spread around the world to the point that, today, a majority of the world’s nations have a socialist economic system. |
false |
Combining a market-based economy with an extensive social welfare program yields what is called "welfare capitalism." |
true |
Capitalism is more productive than socialism, and capitalism also creates greater economic inequality. |
true |
The concept "state capitalism" refers all productive enterprises in a country being owned by the government. |
false |
Socialist economies create greater economic equality than capitalist economies, but with a lower overall living standard. |
true |
Less than 2 percent of today’s U.S. labor force works in agriculture. |
true |
Most people with jobs in the primary labor market would probably rather have jobs in the secondary labor market. |
false |
In the United States, union membership is higher today than ever before |
false |
Denmark is an example of a European nation with a system of welfare capitalism in which high taxes pay for extensive government-provided benefits. |
true |
The concept "paraprofessional" refers to work that requires skills, but typically lacks a broad theoretical knowledge of a field. |
true |
Most self-employed persons are professionals. |
false |
The self-employed are more likely to have blue-collar jobs than white-collar jobs. |
true |
A recent trend in the United States is a steady rise in the share of small businesses owned by women. |
true |
In recent years, the lowest unemployment rates in the United States have been among teenagers. |
false |
Prostitution and selling illegal drugs are typically part of the underground economy. |
true |
The U.S. workforce is becoming more "white," even as immigration rates rise. |
false |
One effect of computer technology is giving workers greater power over their employers. |
false |
The use of computers by workers tends to limit workplace interaction. |
true |
A corporation is an organization with a legal existence apart from that of its members. |
true |
Conglomerates are giant corporations composed of many smaller corporations. |
true |
Oligopoly refers to any company that operates in more than one country. |
false |
Monopoly refers to a corporation that operates within a single sector of the economy. |
false |
Large corporations dominate many markets in the global economy. |
true |
As a social institution, the economy |
d |
Which social institution do most sociologists claim has the greatest effect on society as a whole? |
b |
Over the course of human history, revolutionary changes in which of the following have brought great changes to the economy? |
a |
The text describes three technological revolutions that transformed all of social life. Which of the following is NOT one of them? |
c |
The development of agriculture was set in motion by |
b |
The economy first became a distinct social institution during which historical stage of technological development? |
b |
As societies industrialize, a smaller share of the population works in which of the following locations? |
a |
The Industrial Revolution was based on |
d |
Which of the following new sources of energy launched the Industrial Revolution? |
b |
Early factories in New England, where the Industrial Revolution first developed in the United States |
d |
The postindustrial economy is defined by |
d |
Which of the following concepts refers to an economy based on computer technology? |
a |
Which of the following statements about the Information Revolution is NOT correct? |
c |
What sector of the economy generates raw materials directly from the natural environment? |
a |
Turning metals into automobiles is work that falls within the |
b |
Looking at economies around the world, the primary sector is the largest in |
c |
The expansion of office work marks the growth of the economy’s |
c |
In the United States, about what percentage of the labor force performs tertiary sector work? |
d |
The concept of "global economy" refers to |
a |
Globalization of the economy means that |
d |
Capitalism is an economic system in which there is |
b |
In a capitalist economic system, "justice" amounts to |
c |
The social thinker whose ideas supported the operation of a free-market economy most was |
b |
The United States is a mostly capitalist nation because |
a |
Socialism is an economic system in which there is |
a |
Which of the following DOES NOT describe the operation of a socialist economy? |
c |
In a socialist economic system, "justice" amounts to |
a |
What is the hypothetical economic and political system in which all people in society are socially equal? |
d |
Which of the following concepts refers to a political and economic system that combines a mostly market-based economy with extensive social welfare programs? |
c |
An example of a European country with a mostly private economy and extensive social welfare programs is |
b |
The concept "state capitalism" refers to a system in which |
b |
Which of the following countries best exemplifies a system of state capitalism? |
d |
Contrasted to socialist economic systems, capitalist economic systems are typically |
b |
Contrasted to socialist economic systems, capitalist economic systems typically |
a |
Concerning the issue of personal freedom, capitalist systems emphasize people’s _____, while socialist systems emphasize people’s _____. |
c |
In the United States about what share of the population aged sixteen and older is in the paid labor force? |
c |
Over the course of the last century, the number of people involved in agricultural work |
b |
By the early 1960s, most of the people in the U.S. labor force had which type of job? |
a |
Yesterday’s family farms have given way to |
c |
The concept "primary labor market" refers to |
a |
In recent decades, union membership |
d |
Read the four descriptions below. Which of them DOES NOT apply to a profession? |
b |
What percentage of today’s U.S. workers are self-employed? |
a |
Which of the following would be included in the operation of the underground economy? |
c |
Which category of the U.S. population is showing the greatest labor-force increase in terms of percentage? |
b |
Computers are having which of the following effects on the workplace? |
d |
A conglomerate is |
a |
The concept "oligopoly" refers to |
c |
Modernization theorists see large corporations as |
b |
Dependency theorists see large corporations as |
d |
Sociology Chapter 16- The Economy and Work
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