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Leach Soc Chapter 13

Leach Sociology Terms Chapter 13

economic institution system of roles and norms that governs the production, distribution and consumption of goods and services
factors of production resources that can be used to produce and distribute goods and services
primary sector sector of the economy that deals with the extraction of raw materials from the environment
secondary sector sector of the economy that concentrates on the use of raw materials to manufacture goods
tertiary sector sector of the economy that concentrates on the provision of services
capitalism economic model in which the factors of production are owned by individuals and that is regulated by the forces of profit and competition
socialism economic model in which the factors of production are owned by the government, which regulates all economic activity
law of supply principle that states that producers will supply more products when they can charge higher prices and fewer products when they must charge lower prices
law of demand principle that states that the demand for a product increases as the price of the product decreases and demand decreases as price increases
laissez-faire capitalism pure form of capitalism in which the government does not interfere in the economy
free-enterprise system an economic system with limited government control of business operations
communism political and economic system in which property is communally owned
totalitarianism most extreme form of authoritarian government
corporations business organization that is owned by stockholders and is treated by law as if it were an individual person
oligopoly situation that exists when a few people control an industry
protectionism use of trade barriers to protect domestic manufacturers from foregn competition
free trade trade between nations that is unrestricted by trade barriers
multinational a corporation that has factories and offices in several countries
e-commerce economic transactions that occur over the Internet or other electronic communication systems
power ability to control the behavior of others, with or without their consent
state primary political authority in society
political institution system of roles and norms that governs the distribution and exercise of power in society
legitimacy right of those people in power to control, or govern, others
authority legitimate power
traditional authority power that is legitimated by longstanding customs
rational-legal authority power that is legitimated by formal rules ad regulations
charismatic authority power that is legitimated on the basis of the personal characteristics of the individual exercising the power
coercion power that is exercised through force or the threat of force
democracy type of government in which power is exercised through the people
monarchy type of government in which one person rules
constitutional monarchy type of government in which the ruler, or monarch, is nothing more than the symbolic head of state
democratic socialism combination of a democratic government and a socialist economy
authoritarianism type of government in which power rests firmly with the state
absolute monarchy authoritarian type of government in which the hereditary ruler holds absolute power
dictatorship authoritarian type of government in which power is in the hands of a single individual
junta authoritarian type of government in which political power has been seized from the previous government by force
political party organization that seeks to gain power in the government through legitimate means
proportional representation system in which a party receives a number of seats in government related to the popular votes they receive
interest group organization that attempts to influence the political decisionmaking process
power-elite model model in which political power in the United States is said to be exercised by and for the priviledged few in society
pluralist model model in which the political process in the United States is said to be controlled by interest groups that compete with one another for power
Created by: CoachLeach
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