Chapter 18: Work and the Economy Flashcards Preview

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Flashcards in Chapter 18: Work and the Economy Deck (24)
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1

automation

workers being replaced by technology

2

bartering

when people exchange one form of goods or services for another

3

capitalism

an economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth

4

career inheritance

when children tend to enter the same or similar occupation as their parents

5

commodities

physical objects we find, grow, or make to meet our needs and those of others

6

convergence theory

a sociological theory to explain how and why societies move toward similarity over time as their economies develop

7

depression

a sustained recession across several economic sectors

8

economy

the social institution through which a society’s resources (goods and services) are managed

9

global assembly lines

where products are assembled over the course of several international transactions

10

global cities

cities that headquarter multinational corporations, exercise significant international political influence, host headquarters of international nongovernmental organizations, host influential media, and host advanced communication and transportation infrastructure

11

global commodity chains

where internationally integrated economic links connect workers and corporations for the purpose of manufacture and marketing

12

market socialism

a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand

13

mercantilism

an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges

14

money

an object that a society agrees to assign a value to so it can be exchanged as payment

15

mutualism

a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts

16

outsourcing

when jobs are contracted to an outside source, often in another country

17

polarization

when the differences between low-end and high-end jobs becomes greater and the number of people in the middle levels decreases

18

recession

when there are two or more consecutive quarters of economic decline

19

services

activities that benefit people, such as health care, education, and entertainment

20

socialism

an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society

21

structural unemployment

when there is a societal level of disjuncture between people seeking jobs and the jobs that are available

22

subsistence farming

when farmers grow only enough to feed themselves and their families

23

underemployment

a state in which a person accepts a lower paying, lower status job than his or her education and experience qualifies him or her to perform

24

xenophobia

an illogical fear and even hatred of foreigners and foreign goods