sociology ch13
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| extraction of raw materials from the environment. ex. fishing, hunting, farming | primary sector
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| concentrates on the use of raw materials to manufactor goods | secondary sector
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| emphasis is on the providing of services | teritary sector
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| factors of production that are owned by individuals rather than the government. The forces of profit and competition regulate economic activity | capitalism
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| factors of production that are owned by the govt which regulate economic activity | socialism
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| states that producers will supply more products when they can charge higher prices and fewer products when the must charge lower products | law of supply
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| states that consumers will demand more of a product as the prices of the product decreases | law of demand
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| french term that is best translated let people do as they choose | laissez-faire
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| to commit to limit the government control of business operations and has resulted in the labeling of capital economists | free-enterprise
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| a political and economic system in which property is communally owned, no social classes. | communism
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| power to exercise complete authority over the lives of individual citizens | totalitarianism
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| business organization that is owned by stock holders and is treated as if it was an individual person | corporations
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| market situation in which the few larger companies control and industry | oligopoly
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| use of trase barriers to protect domestic manufacturers for foreign competitions | protectionism
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| trade that is not restricted by trade barriers between countries | free trade
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| any corportation that has factories and offices in several countries | moltinational
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| business conducted over the internet. Not based on traditional factors of production but instead is based on information | e-commerce
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| ability to control the behavior of others with or without their consent | power
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| primary political authority in society | state
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| system of roles and norms that governs the distribution and exercise of power and society | political institution
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| Power that is based on a long standing custom | iraditional authority
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| roles and regulations that clearly outline the rights and obligations of those in power | rational legal authroity
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| power that is considered illigetimate by the people being govern | coercion
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| power that is exercised by the people | democracy
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| type of government in which one person rules | monarchy
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