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Economy
Sociology
Question | Answer |
---|---|
Social Institutions | Basic modes of social activity followed by vast majority of members to society |
The Economy as a Social Institution | Mechanism by which goods and services are distributed in society |
Social Significance of Work | Source of income, provides temporal structure of everyday life, social contacts, and personal identity |
Most distinctive characteristics of modern economics | highly complex division of labor, and high degree of economic interdependence |
Capitalism | Increasingly dominant form of economic organization |
Socialism | Relies on social ownership of the means of production and distribution; can take market and non-market forms |
Globalization | Increasing interdependence of national economies; having a profound impact on work and culture around the globe |
The Modern Economy and Globalization: The Functionalist perspective | The globalization of capitalism is functional for the world system; allows nations to exercise their comparative advantage |
The Modern Economy and Globalization: The Conflict Perspective | Expanding domination of a global corporate elite; does not represent the best interests of the vast majority of people |
Economic Restructuring | Characterized by two trends: Deindustrialization, rise in contingent employment relations |
Deindustrialization | Shift from goods-producing to service-based economy |
The Contingent Workforce | Rise in outsourcing, subcontracting, and temporary work contracts; increases flexibility for employers and workers |