Sociology Exam 4

Chapters 16-2 1

102 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
The social institution that organizes a society's production, distrubution, and consumption of goods and services
Economy
A productive system based on service work and high technology
Postindustrial economy
Economic activity that crosses national borders
Global economy
An economic system in which natural resources and the means of producing goods and services are privatley owned
Capitalism
3 features of capitalism
1. private ownsership of property 2. pursuit of personal profit 3. competition and consumer choice
An economic systems in which natural resources and the means of producing goods and services are collectively owned
Socialism
3 characteristics of socialism
1. collective ownership of property 2. pursuit of collective goals 3. government control of the economy
A hypothetical economic and political system in which all members of a society are socially equal
Communism
An economic and political system that combines a mostly market-based economy with extensive social welfare programs
Welfare capitalism
An economic and political system in which companies are privatley owned but cooperate closely with the government
State capitalism
Organizations of workers that seek to improve wages and working conditions through various strategies, including negotiations and strikes
Labor unions
A prestigious white-collar occupation that requires extensive formal education
Profession
4 characteristics of professions
1. theoretical knowledge 2. self-regulatin practice 3. authority over client 4. community orientation rather than self-interest
Earning a living without being on the payroll of a large organization
Self-employment
Economic activity involving income not reported to the government as required by law
Underground economy