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sociology ch13

extraction of raw materials from the environment. ex. fishing, hunting, farming primary sector
concentrates on the use of raw materials to manufactor goods secondary sector
emphasis is on the providing of services teritary sector
factors of production that are owned by individuals rather than the government. The forces of profit and competition regulate economic activity capitalism
factors of production that are owned by the govt which regulate economic activity socialism
states that producers will supply more products when they can charge higher prices and fewer products when the must charge lower products law of supply
states that consumers will demand more of a product as the prices of the product decreases law of demand
french term that is best translated let people do as they choose laissez-faire
to commit to limit the government control of business operations and has resulted in the labeling of capital economists free-enterprise
a political and economic system in which property is communally owned, no social classes. communism
power to exercise complete authority over the lives of individual citizens totalitarianism
business organization that is owned by stock holders and is treated as if it was an individual person corporations
market situation in which the few larger companies control and industry oligopoly
use of trase barriers to protect domestic manufacturers for foreign competitions protectionism
trade that is not restricted by trade barriers between countries free trade
any corportation that has factories and offices in several countries moltinational
business conducted over the internet. Not based on traditional factors of production but instead is based on information e-commerce
ability to control the behavior of others with or without their consent power
primary political authority in society state
system of roles and norms that governs the distribution and exercise of power and society political institution
Power that is based on a long standing custom iraditional authority
roles and regulations that clearly outline the rights and obligations of those in power rational legal authroity
power that is considered illigetimate by the people being govern coercion
power that is exercised by the people democracy
type of government in which one person rules monarchy
Created by: tatiana6634