Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SOC S211 > How does the Economy work? > Flashcards

How does the Economy work? Flashcards

1
Q

[ Identification ]

Refers to the system which facilitates the movement of goods and services from the production, distribution, and consumption.

A

Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

[ Identification ]

Refers to the commodities such as food and clothing.

A

Goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

[ Identification ]

Refers to the actions or activities done for an individual or a group.

A

Services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

[ Identification ]

Refers to the value of giving an object, gift, or service in turn for something you received.

A

Reciprocity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

[ Identification ]

Process of gathering resources to be redistributed back through social services and public programs.

A

Redistribution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

[ What are these? ]

  • Generalized
  • Balanced
  • Negative
A

Kinds of Reciprocity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

[ Identification: Kinds of Reciprocity ]

Giving without immediately expecting the corresponding return.

A

Generalized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

[ Identification: Kinds of Reciprocity ]

Giving while expecting an immediate return in the exchange.

A

Balanced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

[ Identification: Kinds of Reciprocity ]

One of the parties tries to gain more out of the exchange.

A

Negative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

[ What are these? ]

  • Hunting & Gathering
  • Agricultural Economy
  • Industrial Revolution
  • Information Age / Post-Industrial Society
  • Fourth Industrial Revolution
A

Brief Economic History

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

[ Identification ]

The broad categories that reflect various industry and activity types within an economy.

A

Economic Sectors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

[ What are these? ]

  • Primary
  • Secondary
  • Tertiary
A

Economic Sectors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

[ Identification: Economic Sectors ]

Involves extraction of raw materials from the environment.

A

Primary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

[ Identification: Economic Sectors ]

Involves conversion of raw materials into finished products.

A

Secondary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

[ Identification: Economic Sectors ]

Involves all service oriented transactions.

A

Tertiary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

[ Identification ]

The mechanism the State uses in allocating resources and distributing services to the population.

A

Economic System

17
Q

[ What are these? ]

  • Capitalism
  • Socialism
  • Mixed Economy
A

Economic Systems

18
Q

[ Identification: Economic Systems ]

Involves the private ownership of the means of production which are considered as sources of wealth.

A

Capitalism

19
Q

[ Identification: Economic Systems ]

Involves the collective ownership of the means of production by the State.

A

Socialism

20
Q

[ Identification: Economic Systems ]

Classified in between the capitalism and socialist economic systems.

A

Mixed Economy

21
Q

[ Identification ]

Can come into different forms and perform different functions which affect the economy of policymaking of the state.

A

Non-state Institutions

22
Q

[ What are these? ]

  • Banks
  • Cooperatives
  • Corporations
  • Trade / Labor Unions
  • Transnational Advocacy Groups
  • International Organizations
  • Development Agencies
A

Non-state Institutions (8)

23
Q

[ Identification: Non-state Institutions ]

Financial institutions that collect cash deposits from customers and lend money to individuals.

A

Banks

24
Q

[ Identification: Non-state Institutions ]

  • Association of people that ensure the production and sale of goods.
  • Also lending economic assistance to those in need.
A

Cooperatives

25
Q

[ Identification: Non-state Institutions ]

Institutions that are established by individuals or groups to conduct business activities.

A

Corporations

26
Q

[ Identification: Non-state Institutions ]

Workers’ organization that ensure the safety and rights of workers.

A

Trade / Labor Unions

27
Q

[ Identification: Non-state Institutions ]

Network of groups that develop campaigns and spreads information that addresses national and global issues.

A

Transnational Advocacy Groups

28
Q

[ Identification: Non-state Institutions ]

  • Independent bodies that provide venue to address state or global issues.
  • Form solutions through international agreements and treaties.
A

International Organizations

29
Q

[ Identification: Non-state Institutions ]

Organizations that assist in the recovery of different states from damages brought by natural calamities of war.

A

Development Agencies

SOC S211 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions