Sociology Test 4 Flashcards
Learning a lot of info fast (19 cards)
Economic Systems
A social system that defines how a society produces, allocates, and distributes good, services, and resources
Agricultural Revolution
Transition from gathering-hunting society to farmer societies
Trade-Based economy, New Technological Advances, writing, systems of trade/exchange
Industrial Revolution
The mechanization of manufacturing, led to the rise of capitalism and socialism
Information Revolution
Rise of the internet; Dawn of the Internet age; Worldwide spread of available information
Sectors of Economy
Organizes the production, distribution, and consumption of a society’s goods and services
Production Sector Of Economy
Primary (pre industr) - Extracting raw materials from nature
Secondary (Industrial) - Manufacturing, construction, and processing to produce goods using raw materials
Tertiary (Post industr) - Providing services to consumers and businesses, such as banking, education, hospitality, entertainment, and retail.
Distribution Sector of Economy
Bartering - Direct exchange of goods/services
Market Systems - Introduce currency that values goods and services. Becomes inefficient as the world develops
Gov’t Systems - Redistributes wealth in a society/country
Consumption Sector of Economy
The Family Consumers - Spending habits of the family with an economy; Families = unit of consumption, decisions about what are consumed in made and considered by all members of the family
Capitalism
An economic system characterized by private ownership of the means of production, with labor solely paid wages. Depends on the enforcement of private property rights, which provides incentives for investment in productive use of capital
Socialism
A political and economic system in which property and the means of production are owned in common, typically controlled by the state or gov’t. Based on the idea that common or public ownership of resources and means of production leads to a more equal society
Mixed (Socialism/Capitalism)
An economy organized with some free-market(capitalism) and some socialistic elements. Mixed economies typically accept private ownership of most means of production
Who controls the means of production?
Private Sectors - Owned/controlled by the gov’t w/the goal of serving the public
Public Sectors - Owned/controlled by individuals or companies w/the goal of profits
Level of Concentration
In the hands of many people (Pub Sect)
In the hands of the few (Priv sect)
Deconcentrated Capitalism
Laissez Faire; “Hands-Off” Free market system w/no government insight
Concentrated Capitalism
Welfare; Gov’t decides which private companies are favored (Tax breaks, free infrastructure, etc)
Deconcentrated Socialism
Democratic Socialism (Socialist candidates are elected into office)
Concentrated Socialism
Power/Wealth is consolidated to one family/group (ex. North Korean Regime)
