Chapter 19 Flashcards
What is the economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition and without government intervention?
Capitalism
What is part-time or temporary work?
Contingent work
What is the large-scale organizations that have legal powers, such as the ability to enter into contracts and buy and sell property, separate from their individual owners?
Corporations
What is the economic and political system that combines private ownership of some of the means of production, governmental distribution of some essential goods and services, and free elections?
Democratic Socialism
What is the social institution that ensures the maintenance of society through the production, distribution and consumption of goods and services?
Economy
What is the group of employees who join together to bargain with an employer or a group of employers over wages, benefits, and working conditions?
Labour Union
What is the position that differs from the employment norms of the society in which it is located?
Marginal job
What is the economic system that combines elements of a market economy (capitalism) with elements of a command economy (socialism)?
Mixed economy
What are the large companies that are headquartered in one country and have subsidiaries or branches in other countries?
Multinational Corporations
What category of job involved similar activities at different work sites?
Occupations
What is the situation that exists when several companies overwhelmingly control an entire industry?
Oligopoly
What is an economy that is based on the provision of services rather than goods?
Post-industrial Economy
What is the sector of the economy that extracts raw materials and natural resources from the environment?
Primary sector Production
What are high-status, knowledge-based occupation?
Professions
What is the sector of the economy that processes raw materials (from the primary sector) into finished goods?
Secondary Sector Production
