final Flashcards
a social institution dedicated to the production, distribution, and consumption of goods and services
economy
owners of private property compete in the marketplace in pursuit of profit
capitalism economic system
control of a market by a single business firm
monopoly
economic system under which the means of production and distribution are collectively owned
socialism
economic system that combines elements of both capitalism and socialism
mixed emotions
transfers of money, goods, or services that are not reported to the government
informal economy
the segment of the economy involving activities that extract products directly from the natural environment (preindustrial)
primary economoic sector
the segment of the economy consisting of activities that transform raw or intermediate materials into finished products (industrial)
secondary economic sector
the segment of the economy consisting of activities that provide services rather than produce tangible goods (modern)
tertiary economic sector
systematic and widespread reduction of investment in domestic manufacturing and material production
deindustrialization
organizational restructuring to reduce the size of a company’s workforce
downsizing
outsourcing work to foreign contractors
offshoring
the competition between individuals or groups over the allocation of valued resources
politics
the social institution that establishes and enforces rules within a society and negotiates relationships with other societies
polity
ability to exercise one’s will over others, even if they resist (Weber)
power
the actual or threatened use f coercion to impose one’s will on others
force
power that is recognized as legitimate by the people over whom it is exercised
authority
legitimate power conferred by custom and accepted practice
traditional authority
power made legitimate by a leader’s exceptional personal or emotional appeal to his or her followers
charismatic authority
authority based on formally agreed-upon and accepted rules, principles, and procedures of conduct established to accomplish goals in the most efficient manner possible
rational-legal authority
view of society in which many competing groups within the community have access to government so that no single group is dominant
pluralist model
view of society as being ruled by a small group of individuals who share a common set of political and econoic interests
elite model
the number of children born in a given period of time
fertility
when members of a population leave that group
emigration
