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Sociology: Economics
Holt Sociology, Chapter 13.1: Economics Vocabulary
| Question | Answer |
|---|---|
| Economic Institution | the system of roles and norms that a society develops to govern production, distribution, and consumption of goods and services |
| Factors of Production | resources needed to produce goods and services: Land, Labor, Capital, and Entrepreneurship |
| Primary Sector | the extraction of raw materials from the environment. Ex: fishing, mining, farming, etc. |
| Secondary Sector | the use of raw materials to manufacture goods |
| Tertiary Sector | providing services |
| Capitalism | factors of production are owned by individuals rather than by the government. Forces of profit and competition regulate economic activity |
| Socialism | factors of production are owned by the government, which regulates economic activity |
| Law of Supply | producers will supply more products when they can charge higher prices and fewer products when they must charge lower prices |
| Law of Demand | consumers will demand more of a product as the product decreases, but will demand less of a product as the price increases |
| Laissez-Faire Capitalism | literally, “let the people do as they choose” – pure capitalism |
| Free-Enterprise Systems | Minimal interference from government, but there are regulations to protect consumers and promote fair business practices |
| Communism | a political and economic system in which property is communally owned |
| Totalitarianism | those in power exercise complete authority over the lives of individual citizens |
| Corporations | a business organization that is owned by stockholders and is treated by law as if it were an individual person |
| Oligopoly | the market situation where a few large companies control an industry |
| Protectionism | the use of trade barriers to protect domestic manufacturers from foreign competition |
| Free Trade | trade that is not restricted by trade barriers between countries |
| Multinational | a corporation that has factories and offices in several countries |
| E-Commerce | business conducted over the Internet, based on information instead of the traditional factors of production |
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