Chapter 9 Flashcards
The Economy
The structure and organization of society’s resources and the system for allocating them. These resources include: land and other natural resources, food, water, medical services, man’s own labor, leisure, and attention and others. These all form the basis for the financial support and stability of individuals, families, and society.
Work (Human Labor)
The duty and right of every person to engage in activity to sustain and improve himself and his family. Work is a collaboration of man and woman with God in prolonging and perfecting the work of creation by subduing the earth, and honors the gifts and talents God has given to human beings.
The Universal Destination of Goods
The doctrine that the goods of creation are meant for the whole human race. This doctrine remains fundamental even if the promotion of the common good requires respect for the right to private property and its exercise.
Just Wage
Compensation for work that guarantees the worker the opportunity to obtain a dignified livelihood for himself and his family on a material, social, cultural, and spiritual level, while also taking into account the role, skills, and productivity of the worker, the sustained health of the business, and the common good.
Right of Association
A person’s right to join and leave a group and for the group to collectively negotiate for its self-interest. Workers have the right to organize themselves into this kind of group, known as a union to negotiate, and to strike if necessary, for better working conditions.
Capitalism
An economic system based on the private ownership of the means of production and the voluntary exchange of labor and goods in which the production and value of labor and goods is determined by the producers and consumers themselves. (supply and demand)
Preferential Love for the Poor
The priority given to those oppressed by poverty as well as to all vulnerable people in terms of charitable love, help, and services, in imitation of Christ who identified Himself with the least of us
