Chapter 14

Chapter 14 - Chapter 14: The Economy Page 409-end of...

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Chapter 14: The Economy Page 409-end of chapter The Economy 1. Economy is a social institution a. True currency based economy = beginning agrarian societies b. Organizes production of goods and services, distribution, and consumption c. Operate in predictable manner d. Law of Supply and Demand = economic principle 2. Two Sectors a. Goods – refer to commodities (tangible items) i. Basic needs luxury items b. Services – activities that benefit others i. Doctors, lawyers, teachers, etc. ii. Typically there is nothing tangible associated w/ the service c. As a society, we value goods and services i. Make our lives easier Social Change and the Economy 1. The Agricultural Revolution a. Four factors that led to change i. Better agricultural technology (irrigation, plow, etc) ii. Job specialization ii. Permanent settlements – property ownership iii. Increased trade – barter goods and services d. Separation of Work and Family life i. Family no longer core of economic system 3. The Industrial Revolution a. Further refinement of economic institution b. Barter system diminishes c. Probably the major societal shift/change – fundamental shift d. Several major changes i. New sources of power 1. water wheel, steam power, electricity, etc. ii.
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Chapter 14 - Chapter 14: The Economy Page 409-end of...

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