Work and Economy Flashcards
Automation:
Workers being replaced by technology.
Bartering:
A process where people exchange one form of goods or services for another.
Capitalism:
An economic system in which there is private ownership and where there is an impetus to produce profit, and thereby wealth.
Career Inheritance:
A practice where children tend to enter the same or similar occupation as their parents.
Convergence Theory:
A sociological theory to explain how and why societies move toward similarity over time as their economies develop.
Depression:
The social institution through which a society’s resources are managed.
Global Assembly Lines:
A practice where products are assembled over the course of several international transactions.
Global Commodity Chains:
Internationally integrated economic links that connect workers and corporations for the purpose of manufacture and marketing.
Market Socialism:
A subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership of consulting market demand.
Mechanical Solidarity:
A form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies.
Mercantilism:
An economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and custom charges.
Money:
An object that a society agrees to assign a value to so it can be exchanged as payment.
Mutualism:
A form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts.
Organic Solidarity:
A form of social cohesion that arises out of the mutual interdependence created by the specialization of work.
Outsourcing:
A practice where jobs are contracted to an outside source, often in another country.
