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Economy

Sociology

QuestionAnswer
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
Created by: madalynjones1
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