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Work and the Economy chapter 13

economy is the institution that organizes the production, distribution, and the exchange of goods and services
productivity refers to the amount of goods and services produced for every hour worked
markets are social relations that regulate the exchange of goods and services
division of labor refers to the specialization of work tasks. the more specialized the task in society the greater the division in labor
deskilling refers to the process by which work tasks are broken into simple routines requiring little train g to perform
fordism is a method of industrial management based on assembly-line methods of producing cheap, uniform commodities in high volume
scientific management (Taylorism) developed in the 1910's by F. W. Tayloris, is a system for improving productivity. After analyzing the movement s of workers as they did their jobs, Taylor trained them to eliminate unnecessary actions.
labor market segmentation is the division of the market for labor into distinct settings. In theses settings work is found in different ways and workers have different characteristics. There is only a slim chance of moving from one setting to another
primary labor market comprises mainly highly skilled or well-educated white males. They are employed in large corporations that enjoy high levels of capital investment. In primary labor market, employment is secure, benefits are generous
secondary labor market contains a disproportionately large number of women and members of ethnic minorities, particularity recent immigrants. employees in secondary labor market tend to be unskilled and lack higher education.
Human relations school of management emerged in the 1930's as a challenge to Taylor's scientific management approach. It advocated less authoritarian leadership on the shop floor, careful selection and training of personnel and greater attention to human needs and employees job satisfaction
quality of work life movement originated in Sweden and Japan. it involves small groups of a dozen or so workers and managers collaboration to improve both t e quality of goods produced and communication between workers and managers
codetermination is a German system of worker participation that allows workers to help formulate overall business strategy. German workers' councils review and influence management policies on a wide range of issues, including when and where new plants should be built
unions are organizations of workers that seek to defend and promote their members' interests
internal labor markets are social mechanisms for controlling pay rates, hiring, and promotions within corporations while reducing competition between firm's workers and external labor supplies
professionals are people with specialized knowledge through extensive higher education
free market prices are determined only by supply and demand
regulated market various social forces limit the capacity of supply and demand to determine prices
capitalism is the dominant economic system in the world. Private ownership of property and competition in the pursuit of profit characterize capital economies
corporations are legal entities that can enter into contracts and own property. the are taxed and lower rate than individuals and their owners are normally not liable for the corporations' debt or any harm it may cause the the public
communism is a social and economic system in which property is owned by public bodies; government planning, not the market, determines production and disrtibuion
oligopolies are giant corporations that control part of an economy. They are few in number and tend to compete against one another. Instead, they can set prices that are most profitable for them
conglomerates are large corporations that operate in several industries at the same tiem
interlocking directorates are formed when an individual sits on the board of directors of two or more non-competing companies
Created by: pinkdyme91