Exam 4 Flashcards
Principles of Capitalism
Economic System
market competition
private property
the pursuit of profit
Principles of Socialism
Economic Institution
state ownership of goods and their production
impetus to share work and wealth equally among members of a society
Global Economy-Convergence Theory
a. multinational corporations
b. deindustrialization (job displacement)
how and why societies move toward similarity over time as their economy develops. improved educational systems globally. workers retrained to hold many jobs.
a. corporations all over the world
b. transition from a goods producing economy to a service based economy
Unemployment in the US
percentage of those not working but officially defined as looking for work. unemployment has gone up since COVID
Davis/Moore Thesis
social stratification
society pays more for jobs that require a high amount of expertise
health of the economy is tied to the health of the nation-one change in the social institution of the economy can effect all social institutions
Economic Sectors- 4 types
- primary sector: produce raw materials
- secondary sector: turns raw materials into finished goods
- tertiary sector: service (child & health)
- quaternary sector: produces ideas
Oligarchy
a form of government in which power is held by a small elite group
Monarchy
a form of government in which a single person rules until the individual dies or abdicates the throne
Democracy
US government
Dictatorship
a form of government in which a single person or very small group wields complete authority over a government or population- rise to power usually through economic or military might
Democracies
a representative government with elections by the population. all citizens have an equal voice or vote in determining state policy. typically, a multiparty political system.
Authoritarianism
the enforcement or advocacy of strict obedience to authority at the expense of personal freedom.
Nationalism
is the strong identity associated with an extreme sense of allegiance to one’s culture or nation
Roles of State
determines the rights and privileges of various groups
decides which actions are legitimate and which are not
influences public opinion through the media
Traditional Power
power legitimized on the basis of long standing customs