Chapter 15 Exam 3

Question 1

Economy

Answer 1

the social institution that organizes the ways in which a society produces, distributes and consumes goods and services

Question 2

Goods

Answer 2

Objects that have an economic value to others, whether they are the basic necessities for survival or things that people simply want

Question 3

services

Answer 3

economically productive activities that do not result directly in physical products; may be relatively simple or quite complex

Question 4

Mass production

Answer 4

the large scale, highly standardized manufacturing of identical commodities on a mechanical assembly line

Question 5

Reserve army of Labor

Answer 5

a pool of job seekers whose numbers outpace the available positions and thus contribute to keeping wages low and conditions of work tenuos.

Question 6

Scientific management

Answer 6

a practice that sought to use principles of engineering to reduce the physical movements of workers

Question 7

Automation

Answer 7

the replacement of human labor by machines in the production process

Question 8

unemployed

Answer 8

jobless

Question 9

not in the labor force

Answer 9

not officially unemployed or employed

Question 10

marginally attached to the labor force

Answer 10

person who would like to work and have searched for a job the past 12 months

Question 11

emotional labor

Answer 11

management of feelings or emotions to create a publicly observable facial and bodily display in return for a wage

Question 12

Capitalism

Answer 12

private ownership of means of gaining wealth

Question 13

public sector

Answer 13

jobs are linked to the government

Question 14

private sector

Answer 14

primary motive to gain profit by providing goods and services to the economy and consumers

Question 15

Communism

Answer 15

without private ownership and has no economic classes or economic equality

Question 16

Socialism

Answer 16

government manages the economy

Question 17

work

Answer 17

human effort that adds value to the goods and services that are available to others

Question 18

Barter Economy

Answer 18

exchange of goods of services rather than money

Question 19

Formal economy

Answer 19

all work related activities that provide income and are regulated by government agencies

Question 20

informal (underground) economy

Answer 20

income that escapes regulation by the government insitutions that normally regulate similar activites

Question 21

Means of consumption

Answer 21

things that make it possible for consumers to acquire goods and at the same time foster their control as consumers

Question 22

!Marx two systems

Answer 22

Bourgoiusie and proletariat …..owners and workers