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Sociology Ch. 13
The Economy and Work in Global Perspective
| Question | Answer |
|---|---|
| The social institution that ensures the maintenance of society through the production, distribution, and consumption of goods and services | Economy |
| The sector of the economy that extracts raw materials and natural resources from the environment | Primary Sector Production |
| Tangible objects that are necessary | Goods |
| Intangible activities for which people are willing to pay | Services |
| The direct exchange of goods or services considered of equal value by the traders | Barter |
| Producing goods in their homes that could be sold to nonfamily members | Cottage Industries |
| The sector of the economy that processes raw materials (from the primary sector) into finished goods | Secondary Sector Production |
| The sector of the economy that is involved in the provision of services rather than goods | Tertiary Sector Production |
| An economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition and without government intervention | Capitalism |
| A group of employees who join together to bargain with an employer or a group of employers over wages, benefits, and working conditions | Labor Union |
| Large-scale organizations that have legal powers, such as the ability to enter into contracts and buy and sell property, separate from their individual owners | Corporations |
| Large corporations that are headquartered in one or a few countries but sell and produce goods and services in many countries | Transnational Corporations |
| Refusing to work and paralyzing production | Sit-Down Strike |
| A condition that exists when several companies overwhelmingly control an entire industry | Oligopoly |
| A condition that exists when four or fewer companies supply 50 percent or more of a particular market | Shared Monopoly |
| A combination of businesses in different commercial areas, all of which are owned by one holding company | Conglomerate |
| Members of the board of directors of one corporation who also sit on the board(s) of other corporations | Interlocking Corporate Directorates |
| An economic system characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making; associated with Karl Marx | Socialism |
| Resources are converted from state ownership to private ownership; the government takes an active role in developing, recognizing, and protecting private property rights | Privatization |
| An economic system that combines elements of a market economy (capitalism) with elements of a command economy (socialism) | Mixed Economy |
| An economic and political system that combines private ownership of some of the means of production, governmental distribution of some essential goods and services, and free elections | Democratic Socialism |
| A state in which there is extensive government action to provide support and services to the citizens | Welfare State |
| The rise and fall of economic activity relative to long-term growth in the economy | Business Cycle |
| A sustained and continuous increase in prices | Inflation |
| A decline in an economy's total production that lasts six months or longer | Recession |
| Propensity of capitalists to maximize profits by reducing wages | Falling Rate of Profit |
| Occurs when workers' needs for self-identity and meaning are not met and when work is done strictly for material gain, not a sense of personal satisfaction | Alienation |
| The numer of people age 16 and over who are either employed or actively looking for work | Labor Force |
| High-status, knowledge-based occupations | Professions |
| Categories of jobs that involve similar activities at different work sites | Occupations |
| The sector of the labor market that consists of high-paying jobs with good benefits that have some degree of security and the possibility of future advancement | Primary Labor Market |
| The sector of the labor market that consists of low-paying jobs with few benefits and very little job security or possibility for future advancement | Secondary Labor Market |
| Jobs that differ from the employment norms of the society in which they are located | Marginal Jobs |
| Abstract, specialized knowledge, autonomy, self-regulation-authority, and altruism | Characteristics of Professions |
| Some of the characteristics of a profession are eliminated | Deprofessionalization |
| Part-time work, temporary work, or subcontracted work that offers advantages to employers but that can be detrimental to the welfare of workers | Contingent Work |
| An agreement in which a corporation contracts with other (usually smaller) firms to provide specialized components, products, or services to the larger corporation | Subcontracting |
| The percentage of unemployed persons in the labor force actively seeking jobs | Unemployment Rate |
| Taxes on income are paid by employers and employees, and individuals who hold jobs requiring a specialized license possess the appropriate credentials for their work | Legitimate Economy |
| Made up of a wide variety of activities through which people make money that they do not report to the government or through endeavors that may involve criminal behavior | Underground Economy |
| Results from shifts in the demand for workers based on conditions such as the weather or the season | Seasonal Unemployment |
| Occurs as a result of lower rates of production during recessions in the business cycle | Cyclical Unemployment |
| Arises because the skills demanded by employers do not match the skills of the unemployed or because the unemployed do not live where the jobs are located | Structural Unemployment |
| Negotiations between employers and labor union leaders on behalf of workers | Collective Bargaining |
| The economy is a vital social institution because it is the means by which needed goods and services are produced and distributed | Functionalist Perspective |
| Suggest that the capitalist economy is based on greed and to maximize profits, capitalists suppress the wages of the workers, who, in turn, cannot purchase products, making it necessary to adopt remedies that are detrimental to society and workers | Conflict Perspective |
| Focus on the microlevel of the economic system, particularly on the social organization of work and its effects on workers' attitudes and behavior | Symbolic Interactionist Perspective |
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