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Sociology: Economics

Holt Sociology, Chapter 13.1: Economics Vocabulary

QuestionAnswer
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
Created by: tylerdaun
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