CHAPTER 3.2 PREFI AND FINALS Flashcards
(29 cards)
It is the first economic change.
Agricultural Revolution
It is when people learned how to domesticate or to take care plants and animals, they realized that it was much more productive that hunter-gatherer societies.
Agricultural Revolution
Farming helped societies build surpluses, meaning, not everyone had to spend their time producing food since they can buy it from these farmers. This turned major developments like permanent settlements, trade networks and population growth.
Agricultural Revolution
It is the second economic revolution
Industrial Revolution
It is the rise of industry came new economic tools, like steam engines, manufacturing and mass production.
Industrial Revolution
Factories popped up and changed how work functioned. Instead of working at home for their family, they began working as wage laborers and then becoming more specialized in their skills. Productivity went up, standards of living rose, and people had access to a wider variety of goods due to mass production.
Industrial Revolution
this revolution comes with economic casualties. The workers in the factories who were mainly poor women and children, worked in dangerous conditions for low wages. As a result, 19th century industrialists were known as “___________”
Robber Barons
More productivity came greater wealth on the part of these robber barons or industrialists, but also brought greater economic inequality since poor children and women are being exploited. As a result, labor unions were formed and gave ways for minimum wage laws, reasonable working hours, and regulations to protect safety for workers.
Industrial Revolution
What are the 2 competing economic models that sprung up around the time of Intdustrial Revolution?
Capitalism and Socialism
It is a system in which all natural resources and means of production (means machineries, capital/investment, raw materials) are privately owned. It emphasizes profit maximization and competition (means that everyone who owns a business must perform well in terms of improving its products in order to outperform his competitors) as the main drivers of efficiency.
Capitalism
He is an economist termed as the invisible hand of the market
Adam Smith
What was Adam Smith termed of in the market?
Invisible Hand
A ________ is a kind of market failure
Monopoly
It means a company has no other competition or no other company regulating with the same product as the other, therefore, that company can charge higher prices without worrying about losing customers.
Monopoly
in this system, government plays a very important role.
Socialism
It is the means of production are under collective ownership. It is owned by the government and allocated to all citizens. It emphasizes collective goals and expecting everyone to work for the common good placing the higher value on meeting everyone’s basic needs rather than individual profit
Socialism
He wrote that a stepping stone toward communism or to attain equality is socialism in which all members of a society are socially equal. Countries like Cuba, North Korea, China and USSR have modeled their economies to this system before obviously have not played equality as he suggested.
Karl Marx
In this revolution, technology has reduced the role of human labor and shifted it from a manufacturing based-economy to one that is based on service work and the production of ideas rather than goods. Computers and technology are beginning to replace many jobs because of automation or outsourcing jobs.
Information Revolution
The service industry includes every job such as administrative assistants, nurses, teachers and lawyers. Sociologists have a way of distinguishing between types of jobs which is based on the social status and compensation:
Primary Labor Market
jobs provide fewer benefits and include lower-skilled jobs and lower-service sector jobs. They tend to pay less, have more unpredictable schedules and don’t have health insurance.
Secondary Labor Market
This are defined as organizations that exist as legal entities and have liabilities that are separate from its members. These are operating across national boundaries .
Corporations
Nowadays, a key part of both our economic and political landscape is __________.
Corporations
These _________ are operating across national boundaries .
Corporations
International trade agreements like NAFTA and international regulatory group like WTO benefit the private industries the most since companies can produce goods and services across many different countries.
Global Incorporations
