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sociology > economy > Flashcards

economy Flashcards

1
Q

Economy definition

A

The economy is the social institution that organizes the production, distribution and consumption of goods and services

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2
Q

Key changes in agriculture

A
  • Agricultural technology
  • Job specialization
  • Permanent settlements (houses)
  • Trade
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3
Q

When did Industrial Revolution begin?

A

Mid 1700s, 1st in England then North America

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4
Q

Industrialization changed economy in 5 fundamental ways:

A
  1. New sources of energy
  2. Centralization of work in factories
  3. Manufacturing/mass production
  4. Specialization
  5. Wage labour
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5
Q

3 ways that the information revolution changed the character of work:

A
  1. From tangible products to ideas
  2. From mechanical skills to literacy skills
  3. From factories to almost anywhere
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6
Q

Sectors of the economy

A

Primary, secondary, tertiary

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7
Q

Part of the economy that takes raw materials from natural environment

A

Primary sector

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8
Q

Part of the economy that transforms raw materials into manufactured goods

A

Secondary sector

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9
Q

Part of the economy that involves services rather than goods

A

Tertiary sector

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10
Q

What is gig economy?

A

Gig workers take on temporary jobs/tasks, usually through apps or companies

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11
Q

What is a global economy?

A

Expanding economic activity that crosses national borders

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12
Q

The 5 major consequences of the development of global economy?

A
  1. Global division of labour
  2. Products pass through several nations
  3. National gov. has less control over goods
  4. Small number of large companies control most of the global market
  5. concerns about rights/opportunities of workers
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13
Q

What are the 2 general economic systems?

A

Capitalism and Socialism

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14
Q

An economic system in which natural resources and the means of producing goods/services are privately owned

A

Capitalism

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15
Q

An ideal capitalist economy features 3 things:

A
  1. Private ownership of property
  2. Pursuit of personal profit
  3. Competition and consumer choice
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16
Q

An economic system where natural resources and producing goods/services are collectively owned

A

Socialism

17
Q

3 features of an ideal socialist economy:

A
  1. Collective ownership of property
  2. Pursuit of collective goals
  3. Gov. control of economy
18
Q

What is communism?

A
  • The gov. controls everything
  • All members of society are equal
  • Abolishes all class divisions
19
Q

A market economy (businesses are mostly privately owned), with gov. support to help citizens

A

Welfare Capitalism

20
Q

Why are taxes higher in a welfare capitalist economy?

A

Because of social-welfare programs (education, healthcare, benefits, pensions)

21
Q

Which countries have a welfare capitalist economy?

A

Canada, U.S, U.K and Germany

22
Q

Businesses are privately owned but gov. works closely to help financially and control foreign imports

A

State Capitalism

23
Q

Which countries participate in a state capitalist economy?

A

Brazil, China, Russia, Thailand, South Africa and Turkey

24
Q

Work in Canada’s Post-Industrial Economy:

A
  • Decline in agricultural work (now machines)
  • Shift from factory work to service work
  • Creation of dual-labour markets
25
Q

2 types of dual-labour markets

A

Primary and secondary labour markets

26
Q

Primary labour markets:

A

jobs that provide excessive benefits to workers

27
Q

Secondary labour markets

A

jobs providing minimal benefits to workers

28
Q

Worker organizations working to improve wages/working conditions- strikes, negotiations

A

Labour unions

29
Q

Characteristics of professions:

A
  1. Theoretical knowledge
  2. Self-regulating practice
  3. Authority over clients
  4. Community oriented rather than self-interest
30
Q

Employment that uses less than a persons full credentials, talents or abilities

A

Underemployment

31
Q

Reasons for unemployment:

A
  • Mergers
  • Downsizing
  • Loss of old jobs via mechanization
32
Q

Income/exchange of goods or services that is not reported to gov. (babysitting, garage sale)

A

Underground economy

33
Q

How has information revolution changed work? 5 ways

A
  1. Computers are de-skilling labour
  2. Computers are making work more abstract
  3. Computers limit workspace interaction
  4. Computers increase employers’ control of
    workers
  5. Computers allow companies to relocate
    work
34
Q

Organizations with a legal existence including making rights and liabilities apart from those of its members

A

Corporations

35
Q

Who owns corporations?

A

Shareholders

36
Q

Giant corporations composed of many smaller corporations (owning a car and food company)

A

Conglomerates

37
Q

Produce and market products in dif. nations, seeking to gain raw materials, inexpensive labour and vast markets

A

Multinational corporations

sociology (6 decks)

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