Work and Economy Flashcards Preview

Sociology 210 > Work and Economy > Flashcards

Flashcards in Work and Economy Deck (22)
Loading flashcards...
1

economy

social institutions through which resources (goods and services) are managed

2

goods vs. commodities vs. services

- goods: physical objects used to meet our needs (can be necessities or luxuries)
- commodities: goods produced for sale on the market
- services: activities that benefit people (ex. healthcare, education, entertainment)

3

use of resources in hunter gatherer societies

- distributed according to need ("usufruct")

4

use of resources in agricultural socities

- bartering (exchanging one form of goods or services for another)

5

money

- object that a society agrees to assign value to so it can be exchanged for payment
- doesn't have to be coins -> in early economies, it was often shells, alcohol, etc.

6

mercantilism

- economic policy based on accumulating silver and gold by controlling colonial and foreign markets
- ex. through high taxes

7

how did industrial revoluton change agricultural practices

- people went from subsistence farming (producing only what they need) to large-scale farming to maximize profits

8

4 sectors

- primary: production of raw materials (ie. metals, crops)
- secondary: turns raw materials into finished goods
- tertiary: provides services (ie. childcare, healthcare)
- quaternary: produces ideas (ie. research)

9

market socialism

subtype of socialism that adopts certain traits of capitalism (ie. allowing private ownership of market demands)

10

mutalism

individuals and groups exchange products based on mutually satisfactory contracts

11

modernization theory

- there are natural stages of economic development that all societies go through from undeveloped to advanced
- ie. convergence theory: societies move towards similarity over time as economies develop (aka: "catch-up effect" -> allows poor countries to catch up)

12

recession vs. depression

- recession: occurs when there are two or more consecutive quarters of economic decline
- depression: sustained recession across several economic sectors

13

outsourcing

- contracting jobs to an outside source
- diminished number of blue-collar positions available here

14

automation

replacing workers with technology

15

polarization

gap develops in job market -> most employment opportunities are at highest and lowest levels (gap in middle)

16

dual labour

division of economy into high-wage and low-wage sectors

17

social capital

accumulation of network of social relationships and knowledge -> platform to achieve financial success

18

knowledge divide

division between those who are able to access, create, and utilize knowledge and those who can't

19

women at work

- women are getting more and better jobs
- still getting paid less than men for same work

20

why can't we rely on unemployment stats?

- don't take into account underemployed (people who accept lower-paying jobs that they're overqualified for)
- only counts those actively looking for work, haven't earned income in the past 4 weeks, and are ready and able to work

21

structural unemployment

- societal disconnect between people seeking jobs and available jobs
- can be either:
- geographic: jobs aren't where people who want jobs are
- technological: automation replaces workers

22

working poor

- full-time workers considered poor by standards of relative poverty (according to Market Basket Measure -> lack disposable income to purchase "basket" of basic goods and services)
- Canada has higher percentage of working poor than many other developed countries due to our high standard of living