Economy

economy
Click the card to flip 👆
1 / 44
Terms in this set (44)
economy
the system on which the
production, distribution, and consumption
of goods and services are based
Capitalism
an economic system based
on the principles of market competition,
private property, and the pursuit of profit
Postindustrial societies
society
economically dependent upon the
production and distribution of services,
information, and knowledge.
Socialism
an economic institution
characterized by state ownership and
management of the basic industries
Communism
an economic system where
the state is the sole owner of the systems
of production.
Global economy
term used to refer to the
fact that all dimensions of the economy
now cross national borders
Global assembly line
an international
division of labor where research and
development is conducted in an industrial
country, and the assembly of goods is done
primarily in underdeveloped and poor
nations, mostly by women and children.
Multinational corporations
corporations
that conduct business across national
borders.
Outsourcing
transferring a specialized
task or job from one organization to a
different organization, usually in another
country, as a cost-saving device.
xenophobia
the fear and hatred of
foreigners
Automationthe process by which human labor is replaced by machinesDeindustrializationthe transition from a predominantly goods-producing economy to one based on the provision of servicesEconomic restructuringcontemporary transformations in the basic structure of work that are permanently altering the workplace, including demographic changes, deindustrialization, enhanced technology, and globalizationContingent workersperson who does not hold a regular job, but whose employment is dependent upon demand.Workproductive human activity that produces something of value, either goods or services.emotional laborwork that is explicitly intended to produce a desired state of mind in a client.division of laborthe systematic interrelation of different tasks that develops in complex societiesGlass ceilingpopular concept referring to the limits that women and minorities experience in job mobilitydual labor marketthe division of the labor market into two segments—the primary and secondary labor marketsOccupational segregationpattern in which different groups of workers are separated into different occupations.Underemploymentthe condition of being employed at a skill level below what would be expected given a person's training, experience, or educationUnemployment ratethe percentage of those not working, but officially defined as looking for work.ADAlaw passed in 1990, stipulating that employers and other public entities must provide "reasonable accommodation" to people with disabilities when they are otherwise qualified for the job or activity.Sexual harassmentunwanted physical or verbal sexual behavior that occurs in the context of a relationship of unequal power and that is experienced as a threat to the victim's job or educational activitiesStatethe organized system of power and authority in societyDemocraciessystem of government based on the principle of representing all people through the right to voteAlienationthe feeling of powerlessness and separation from one's group or societyAuthoritarianwhere power is concentrated in the hands of a very few individuals who rule through centralized power and control.Totalitarianan extreme form of authoritarianism where the state has total control over all aspects of public and private life.Nationalismthe strong identity associated with an extreme sense of allegiance to one's culture or nationPropagandainformation disseminated by a group or organization (such as the state) intended to justify its own powerAuthoritypower that is perceived by others as legitimateTraditional authorityauthority stemming from long-established patterns that give certain people or groups legitimate power in societyPowerperson or group's ability to exercise influence and control over others.rational-legal authorityauthority stemming from rules and regulations, typically written down as laws, procedures, or codes of conduct.Charismatic authorityauthority derived from the personal appeal of a leaderPluralist modeltheoretical model of power in society as coming from the representation of diverse interests of different groups in society.Bureaucracytype of formal organization characterized by an authority hierarchy, a clear division of labor, explicit rules, and impersonalityInterest groupconstituency in society organized to promote its own agendaPower elite modeltheoretical model of power positing a strong link between government and businessPACsgroups of people who organize to support candidates they feel will represent their views.Autonomous state modeltheoretical model of the state that interprets the state as developing interests of its own, independent of other interests.Interlocking directoratesorganizational linkages created when the same people sit on the boards of directors of a number of different corporations.Governmentthose state institutions that represent the population and make rules that govern the society