Chapter 18: Work and the Economy Flashcards
automation
workers being replaced by technology
bartering
when people exchange one form of goods or services for another
capitalism
an economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth
career inheritance
when children tend to enter the same or similar occupation as their parents
commodities
physical objects we find, grow, or make to meet our needs and those of others
convergence theory
a sociological theory to explain how and why societies move toward similarity over time as their economies develop
depression
a sustained recession across several economic sectors
economy
the social institution through which a society’s resources (goods and services) are managed
global assembly lines
where products are assembled over the course of several international transactions
global cities
cities that headquarter multinational corporations, exercise significant international political influence, host headquarters of international nongovernmental organizations, host influential media, and host advanced communication and transportation infrastructure
global commodity chains
where internationally integrated economic links connect workers and corporations for the purpose of manufacture and marketing
market socialism
a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand
mercantilism
an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges
money
an object that a society agrees to assign a value to so it can be exchanged as payment
mutualism
a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
outsourcing
when jobs are contracted to an outside source, often in another country
polarization
when the differences between low-end and high-end jobs becomes greater and the number of people in the middle levels decreases
recession
when there are two or more consecutive quarters of economic decline
services
activities that benefit people, such as health care, education, and entertainment
socialism
an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society
structural unemployment
when there is a societal level of disjuncture between people seeking jobs and the jobs that are available
subsistence farming
when farmers grow only enough to feed themselves and their families
underemployment
a state in which a person accepts a lower paying, lower status job than his or her education and experience qualifies him or her to perform
xenophobia
an illogical fear and even hatred of foreigners and foreign goods
