Sociology II Flashcards
1
Q
What is Ritzer’s definition of the economy
A
“The social system involved in the production, consumption, and distribution of goods and services”
2
Q
What are goods and services
A
The resources that individuals, groups, organizations, and nations need to survive, and/or to maintain a certain quality of life
3
Q
What must an economy have to be considered capitalist
A
- Markets for exchange
- Private ownership and control of investment
- Markets for labor
4
Q
What are the three forms of capitalism
A
Corporate capitalism, cooperative capitalism, state capitalism
5
Q
What is deregulation
A
Government withdrawal from managing the economy and the removal of limitations on corporations
6
Q
What is a “free-market economy in which the government stays relatively uninvolved resulting in more freedom for the corporations to run the economy as they wish”
A
Neoliberalism
