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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 |