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53 terms

Economy

Chapter 11
STUDY
PLAY
Hunting and gathering societies that generate very little surplus food and material property are described by sociologist as ----- economies
Subsistence
What condition had to exist before members of society could create a permanent or semi-permanent place to live
a surplus of food that could be distributed and exchanged
The sociological significance of early development of surplus and trade is that they ---?
fostered social inequality
What term describes a system that emphasizes hard work, savings, and a concern for salvation?
Protestant Ethic
The "Global Village" refers to ?
the elimination of poverty and disease from humanity
The eagerness to show wealth by the purchase and visible ownership of goods is called -----?
conspicuous consumption
Who suggested the concept of "Conspicuous Consumption" in 1912
Thorstein Veblen
Who coined the term "postindustrial society" in 1973
David Bell
The plow was to the agricultural society as the ----- was to the industrial society
steam engine
The linking of the worlds nations by fast communication, transportation, and increased trade has created what sociologist refer to as ----?
the global village
What was the earliest medium of exchange?
Barter System
Today most governments issue money that is backed bu nothing more than a promise to honor it for all debts public or private. Such currency is called?
Fiat money
The means by which people value and exchange goods and services is referred to as --
The medium of exchange
Jacob lives in the agriculture period. To purchase a new buggy and farm implements from the general store, gives the owner a note that specifies that a certain quality of goods be set aside for him in a warehouse. Such an arrangement is an example of
Deposit receipts
At one time, the american paper dollar could be exchanged for gold held at Fort Knox. When this was permitted, what quality did paper money possess?
The currency had store value
What is the determining factor for inflation to occur?
Currency is issued at a higher rate than the growth of the Gross Domestic Product.
What has been the average rate of inflation over the past several years?
5%
Jack just received $10,000 in e-cash. By doing so, how did he actually receive the funds?
They were sent to his computer
In theory, industries can manufacture and sell poisons, bombs, and weapons of any type as long as there are consumers to buy them and they operate within a movement that permit -----?
laissez-faire capitalism
In the US government interventions that restricts a persons ability to immediately produce and sell a product that he or she has discovered or invented are referred to as ---?
market restraints
What is another name for welfare capitalism?
State Capitalism
Which of the following social or economic arrangements is described as being the capitalists dream?
a monopoly
Which industrialized giant was responsible for the federal government antimonopoly legislation?
Rockefellers control of the oil market
In the capitalist economy, when the government identifies a firm that has monopolized a product or service, it may order the company to -----, that is, sell some of its business
Divest
In socialism who or what determines what will be produced and what it will cost?
The central community that deciders what the country needs
How would Karl Marx define profit?
The excess value of a product that is withheld from workers
What is the primary criticism level against capitalism
It leads to severe social inequalities
What theory is based on the idea that the two economic systems - capitalism and socialism - will eventually adopt features of one another until there is a hybrid economic system in all societies?
Convergence theory
The author suggest that former capitalist nations could adopt features of socialism, while former socialist nations adopt features of capitalism. This theory is referred to as -----
Transformation
What has the most significant economic change in the last 100 years, one that may even rival the Industrial Revolution in its impact on peoples lives?
The global integration of giant corporations
What term did Durkeim use to refer to the sense of unity that comes from doing similar activities and directly sharing most aspects of life?
Mechanical solidarity
What term did Durkheim use to refer to global division of labor that has led to a specific task performed by members of society and a lessening of social cohesion?
Organic solidarity
If a corporation is sued for selling unsafe products and loses the suit and is held liable, who or what is responsible for the debt?
the corporation as a legally defined entity
What is the significance about Frank Perdues chicken slogan and Parker Pens marketing pen slogan?
They illustrate the cultural barriers of global capitalism
At an annual shareholders meeting, the CEO proposed that the corporation go public and create an additional million shares of stock to raise capital. The shareholders rejected this idea because their stock value would drop. This scenario is an example of
Stockholders revolt
In the globalization of capitalism, the dominant European nation is
Germany
The eastern trading block is currently headed by----- , but the nation at its heels ready to overtake its position is ----?
Japan, China
The groups that head the countries top corporations sand have access to high level politicians, which they use to promote legislation favorable to big business, are known as ----?
inner circles
What is the worlds largest corporation based on sales, market value, assets, and profit?
General Electric
Overlapping membership of the worlds top multinational companies enfold their leaders into a small circle is called a(n)?
Global superclass
Frank Buchman sits on the board of directors for seven oil companies and three corporations that manufacture oil rigs and oil-producing machinery. Serveral of his closest business associates belong to the same boards. Such a scenario is an example of a(n)?
Interlocking directorate
Theorist who believe that corporations use profit as their moral guide, with no concern for how opening and closing factories affects workers, are most aligned with which social perspective?
The conflict perspective
Sociologist use the term ----- to refer to fundamental changes in society that occur as a result of vast numbers of women entering the work force.
quite revolution
Economic activities, illegal or legal, that people do not report to the government are sometimes referred to as the --------- economy.
Underground
In the workplace, which attributes do men have a tendency to emphasize as part of their motive and style?
Individualism, power, competition
What are the characteristic of the "typical" woman who is most likely to work for wages?
single, African American
The largest single source of income that qualifies as being part of the US economy is most likely?
Drug dealing
Jose is a Mexican worker referred to as los sin documentos.
Joe works without proper identification and is paid in cash.
The society with most leisure time spread rather constantly through-out the year is the
hunting and gathering society
In which of the following nations do workers have the most leisure time, averaging a 35 hour work week?
Germany
What is the major concern expressed by corporate managers as it pertains to teleworking?
Mangers lose control over workers
When global trade opens markets that were previously closed to manufactures around the world, which group usually suffers the most?
the workers
What percent of the entire nations income goes to the richest fifth of americans?
51%