Sociology 206 chapter 14 terms
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baltazarbibi on April 7, 2012
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35 terms
Terms | Definitions |
|---|---|
 economy | a system of producing and distributing goods and services |
| subsistence economy | a type of economy in which human groups live off the land and have little or no surplus |
| conspicuous economy | Thorstein Veblin's term for a change from the protestant ethic to an eagerness to show off wealth by the consumption of goods |
| medium of exchange | the means by which people place a value on goods and services in order to make an exchange - for example, currency, gold and silver |
| barter | the direct exchange of one item for another |
| money | any item (from sea shells to gold) that serves as a medium of exchange; today, currency is the most common form |
| currency | paper money |
| deposit receipt | a receipt stating that a certain amount of goods is on deposit in a warehouse or bank; the receipt is used as a form of money |
| stored value | the goods that are stored and held in reserve that back up (or provide the value for) a currency |
| gold standard | paper money backed by gold |
| flat money | currency issued by a government that is not backed by store value |
| gross domestic product (GDP) | the amount of goods and services produced by a nation |
| inflation | an increase in prices |
| credit card | a device that allows its owner to purchase goods and to be billed later |
| debit card | a device that allows its owner to change purchases against his or her bank account |
| e-cash | digital money that is stored on computer; it is of two types, e-currency and e-gold |
| capitalism | an economic system characterized by the private ownership of the means of production, the pursuit of profit, and market competition |
| laissez faire capitalism | unrestrained manufacture and trade (literally "hands off" capitalism) |
| welfare (or state) capitalism | an economic system in which individuals own the means of production but the state regulates many economic activities for the welfare of the population |
| monopoly | the control of an entire industry by a single company |
| socialism | an economic system characterized by the public ownership of the means of production, central planning, and the distribution of goods without a profit motive |
| market forces | the law of supply and demand |
| convergence theory | the view that as capitalist and socialist economic systems each adopt features of the other; a hybrid (or mixed) economic system will emerge |
| mechanical solidarity | durkheims term for the unity (a shared consciousness) that people feel as a result of performing the same or similar tasks |
| organic solidarity | Durkheim's term for the interdependence that results from the division of labor; people depending on others to fulfill their jobs |
| corporation | a business enterprise, often jointly owned, whose assets, liabilities, and obligations are separate from those of its owners; as a legal entity, it can enter into contracts, assume debt, and sue and be sued |
| corporate capitalism | the domination of an economic system by giant corporations |
| democratic socialism | A hybrid economic system in which the individual ownership of businesses is mixed with the state ownership of industries thought essential to the public welfare such as the postal service and the delivery medicine and utilities |
| stockholders' revolt | the refusal of a corporation's stockholders to rubber-stamp decisions made by its managers |
| multinational corporations | companies that operate across national boundaries; also called transnational corporations |
| interlocking directorates | the same people serving on the board of directors of several companies |
| global superclass | a small group of highly interconnected individuals in which wealth and power are so concentrated that they make the worlds major decisions |
| quiet revolution | the fundamental changes in society that follow when vast numbers of women enter the workforce |
| underground economy | exchanges of goods and services that are not reported to the government and thereby escape taxation |
| leisure | time not taken up by work or necessary activities |
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