Chapter 16 - Economic Groups And Systems Flashcards Preview

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Flashcards in Chapter 16 - Economic Groups And Systems Deck (26)
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1
Q

Economic System

A

The social institution that provides for the production, distribution, and consumption of goods and services.

2
Q

Capitalism

A

An economic system in which all of the means of production are privately owned.

3
Q

Socialism

A

And Economic system based on state ownership of the means of production.

4
Q

Welfare capitalism / democratic socialism

A

A mixed economy in which private and public ownership are both practiced extensively and one in which the goods and services vital to the society, such as transportation systems and medical care, are run by the State.

5
Q

Communism

A

An economic system in which members of the society jointly own the means of production.

6
Q

Market Economy

A

An economy in which the price and production of goods are determined by what people are willing to pay in the market place.

7
Q

Free Market

A

An economic system in which all people are theoretically free to buy, sell, and make a profit.

8
Q

Planned economy

A

an economy in which the production and prices of goods are planned by the government.

9
Q

Gross domestic product

A

The total value of all final goods and services produced within the borders of a country per year.

10
Q

Structural functional perspective on capitalism

A

Because people have needs, large corporations produce large amounts of supply to meet those needs. Therefore both society and large corporations benefit from this. A dysfunction is that when there are monopolies the large holder can set the price they want for the supply.

11
Q

Conflict theory of Capitalism

A

Belief that power is given to the people who began to use money (assets) and accumulate it and use it to carry out production. The people who did not accumulate wealth had to pay with labor. Eventually more and more production meant more and more workers leaving the working class poor and unable to achieve the wealth of the elite.

12
Q

Protestant ethic

A

The view associated with the puritans that hard work is valuable for its own sake. (Those who were “building gods kingdom” received benefits from it. Those who were lazy did not.)

13
Q

Mass Production

A

The production of many items of a product, which lowers the cos per item and reduces the time needed to make each one.

14
Q

Vertical expansions

A

Business expansions in order to own everything related to a business, from raw materials to sales outlets.

15
Q

Horizontal Expansion

A

Corporations taking over similar businesses in order to gain a monopoly and reduce competition.

16
Q

Diversification

A

The corporate practice of entering business in a variety of areas in order to protect profits. (Like target that sells electronics, toys, food, home essentials. they don’t just rely on sales of toys like toys’r’us).

17
Q

Multinational corporation

A

Corporations that do business in a number of nations.

18
Q

Primary workers

A

Workers who produce raw materials, such as food or minerals.

19
Q

secondary workers

A

Workers who produce manufactured goods from raw materials.

20
Q

Tertiary workers

A

Workers who provide a service, such as doctors, lawyers, politicians, police officers, and secretaries.

21
Q

Alienation

A

A feeling of estrangement or dissociation.

22
Q

Scientific management

A

A method of managing assembly-line workers such that every movement is efficient.

23
Q

Human relations school

A

A form of industrial management that considers the psychological makeup of workers, their attitudes toward management, peer pressures, and similar factors in an attempt to promote worker efficiency.

24
Q

Lifetime jobs

A

An employment practice in which workers are guaranteed a job for the lengthy period of time.

25
Q

Quality control circles

A

Meetings at which workers discuss ways to improve production and set policy to reach their goals.

26
Q

Unionization

A

The process of organizing worker to improve their wages and working conditions.