CHAPTER 3.2 PREFI AND FINALS

Question 1

It is the first economic change.

Answer 1

Agricultural Revolution

Question 2

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.

Answer 2

Agricultural Revolution

Question 3

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.

Answer 3

Agricultural Revolution

Question 4

It is the second economic revolution

Answer 4

Industrial Revolution

Question 5

It is the rise of industry came new economic tools, like steam engines, manufacturing and mass production.

Answer 5

Industrial Revolution

Question 6

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.

Answer 6

Industrial Revolution

Question 7

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 “___________”

Answer 7

Robber Barons

Question 8

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.

Answer 8

Industrial Revolution

Question 9

What are the 2 competing economic models that sprung up around the time of Intdustrial Revolution?

Answer 9

Capitalism and Socialism

Question 10

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.

Answer 10

Capitalism

Question 11

He is an economist termed as the invisible hand of the market

Answer 11

Adam Smith

Question 12

What was Adam Smith termed of in the market?

Answer 12

Invisible Hand

Question 13

A ________ is a kind of market failure

Answer 13

Monopoly

Question 14

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.

Answer 14

Monopoly

Question 15

in this system, government plays a very important role.

Answer 15

Socialism

Question 16

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

Answer 16

Socialism

Question 17

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.

Answer 17

Karl Marx

Question 18

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.

Answer 18

Information Revolution

Question 19

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:

Answer 19

Primary Labor Market

Question 20

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.

Answer 20

Secondary Labor Market

Question 21

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 .

Answer 21

Corporations

Question 22

Nowadays, a key part of both our economic and political landscape is __________.

Answer 22

Corporations

Question 23

These _________ are operating across national boundaries .

Answer 23

Corporations

Question 24

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.

Answer 24

Global Incorporations

Question 25

referred to as global corporation intentionally surpass national borders and take advantage of opportunities in other countries to manufacture, distribute, market, and sell their products.

Answer 25

Multinational Corporations (MNCs) or Transnational Corporations (TNCs)

Question 26

Examples of these are McDonald’s, Coca-
Cola, market themselves as American companies. Another is General Electric based in the US but has more than half of its
business and employees working in other countries. Another is
Ford Motor Company, the classic American car company,
headquartered in Michigan.

Answer 26

Global Corporations

Question 27

They often locate their factories in countries which can provide the cheapest labor in order to save up for expenses. This brought jobs in that countries which offers cheap labor and at the same time, suffered agricultural areas.

Answer 27

Global Corporations

Question 28

People working from this corporations may be exploited by the upper class as they are the only one who can benefit. Workers may suffer from cut or low wages, long working hours of working and if that country will restrict stricter policies, these corporations may just relocate to other countries leaving high unemployment in that specific country.

Answer 28

Global Corporations

Question 29

Cultural practices and expressions are also passed between nations, spreading from group to group. This is called _________. Ideas and practices easily spread because of the technology.

Answer 29

Diffusion