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