Final- Work and economy

Question 1

career inheritance

Answer 1

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

Question 2

convergence theory

Answer 2

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

Question 3

depression

Answer 3

a sustained recession across several economic sectors

Question 4

global assembly lines

Answer 4

a practice where products are assembled over the course of several international transactions

Question 5

global commodity chains

Answer 5

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

Question 6

market socialism

Answer 6

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

Question 7

mechanical solidarity

Answer 7

a form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies

Question 8

mercantilism

Answer 8

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

Question 9

mutualism

Answer 9

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

Question 10

organic solidarity

Answer 10

a form of social cohesion that arises out of the mutual interdependence created by the specialization of work

Question 11

outsourcing

Answer 11

a practice where jobs are contracted to an outside source, often in another country

Question 12

polarization

Answer 12

a practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases

Question 13

recession

Answer 13

two or more consecutive quarters of economic decline

Question 14

socialism

Answer 14

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

Question 15

structural unemployment

Answer 15

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

Question 16

subsistence farming

Answer 16

farming where farmers grow only enough to feed themselves and their families

Question 17

underemployment

Answer 17

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

Question 18

what lead to led to development of the first economies that were based on trading goods

Answer 18

agricultural revolution

Question 19

two major competing economic systems

Answer 19

Capitalism and socialism

Question 20

seeks to explain the correlation between a country’s level of development and changes in its economic structure.

Answer 20

convergence theory