Chapter 11 Flashcards
Economy
A social instituation that determines how a society produces, distributes, and consumes goods and services
Politics
A social institution through which individuals and groups acquire and exercise power and authority and make decisions
Capitalism
Economic system in which wealth is in private hands and is invested and reinvested to produce profit
Monopoly
Domination of a particular market or industry by one person or company
Oligopoly
Domination of a market by a few large productions or suppliers
Communism
A political and economical system in which all members of a society are equal
Corporation
A social entity that has legal rights, privileges, and liabiliities apart from those of its members
Conglomerate
A giant corporation that owns a collection of companies in different industries
Interlocking Directorate
A situation in which the same people serve on the boards of directors of several companies or corporations
Transnational corporation (multinational corporation/ international corporation)
A large company that is based in one country but operates across international boundaries
Transnational conglomerate
A corporation that owns a collection of different companies in various industries in a number of countries
Work
A physical or mental activity that produces or provides either goods or services
Deindustrialization
A process of social and economical change because of the reduction of indistrial activity, especially manufacturing
Globalization
The growth and spread of investment, trade, production, communication, and new technology around the world
offshoring
Sending work or jobs to another country to cut a companys costs at home
Downsizing
A euphemism for firing large numbers of employees at once
Underemployed
People who have part-time jobs but want full-time work or whose jobs are below their experience and education level
Government
A formal organization that has the authority to make and enforce laws
Democracy
A political system in which, ideally, citizens have control over the state and its actions
Totalitarism
A political system in which the government controls every aspect of peoples lives
Authoritarianism
A political system in which the state controls the lives of citizens but permits some agree of individual freedoms
Monarchy
A political system in which a power is allocated solely on the basis of heredity and passes from generation to generation
Power
The ability of a person or group to affect the behavior of others despite resistance and opposition
Authority
The legitimate use of power
