Chapter 18 Flashcards Preview

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Flashcards in Chapter 18 Deck (17):
1

Affirmative action

positive efforts to recruit minority group members or women for jobs, promotions, and educational opportunities.

2

Alienation

A condition of estrangement or dissociation from the surrounding society.

3

Capitalism

economic system in which the means of production are held largely in private hands and the main incentive for economic activity is the accumulation of profits.

4

Color-blind racism

use of the principle of race neutrality to defend a racially unequal status quo

5

Communism

economic system under which all property is communally owned and no social distinctions are made on the basis of people's ability to produce.

6

Cultural relativism

viewing of people's behavior from the perspective of their own culture.

7

Deindustrialization

systematic, widespread withdrawal of investment in basic aspects of productivity, such as factories and plants.

8

Downsizing

Reductions taken in a company's workforce as part of deindustrialization.

9

Economic system

social institution through which goods and services are produced, distributed, and consumed.

10

Fair trade

movement in which consumers in industrialized countries voluntarily pay above-market prices for certain foods so that the workers who plant, pick, and pack the crops can receive higher wages.

11

Industrial society

society that depends on mechanization to produce its goods and services.

12

Informal economy

transfers of money, goods, or services that are not reported to the government.

13

Laissez-faire

form of capitalism under which people compete freely, with minimal government intervention in the economy.

14

Microfinancing

lending small sums of money to the poor so they can work their way out of poverty.

15

Monopoly

Control of a market by a single business firm.

16

Offshoring

transfer of work to foreign contractors.

17

Socialism

economic system under which the means of production and distribution are collectively owned.