Society Ch12

Society Ch12 - 144 Ch 12 Economics and Politics Chapter 12...

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_____________________________________________________________________________ _ 144 Ch. 12 · Economics and Politics Chapter 12 Economics and Politics ______________________________________________ Detailed Outline Economics and politics are each a major social institution , an organized sphere of social life or societal subsystem, designated to meet human needs. I. The Economy: Historical Overview The economy is the social institution that organizes a society’s production, distribution, and consumption of goods and services. A. The Agricultural Revolution The agricultural revolution led to a dramatic expansion of the economy as a result of: 1. new agricultural technology 2. productive specialization 3. permanent settlements 4. trade B. The Industrial Revolution Industrialization changed the economy in five ways: 1. new forms of energy 2. centralization of work in factories 3. manufacturing and mass production 4. specialization 5. wage labor C. The Information Revolution and the Postindustrial Society A postindustrial economy refers to a productive system based on service work and extensive use of information technology. Since 1950, the Information Revolution has changed the character of work itself in three distinct ways: 1. from tangible products to ideas 2. from mechanical skills to literacy skills 3. from factories to almost anywhere. D. Sectors of the Economy The three changes just described reflect a shifting balance among the three sectors of the economy. The primary sector is the part of the economy that draws raw materials from the natural environment. The secondary sector is the part of the economy that transforms raw materials into manufactured goods. The tertiary sector is the part of the economy that involves services rather than goods.
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_____________________________________________________________________________ _ 145 Ch. 12 · Economics and Politics E. The Global Economy New information technology is drawing nations of the world closer together, creating a global economy , expanding economic activity with little regard for national borders. The development of a global economy has four major consequences: There is a global division of labor by which each region of the world specializes in particular kinds of economic activity; an increasing number of products pass through the economies of more than one nation; governments can no longer fully control the economic activity that takes place within their borders; and a small number of businesses control a vast share of the world’s economic activities. II. Economic Systems: Paths to Justice Two general economic models are capitalism and socialism, with each representing two ends of a spectrum along which actual economies can be located. A.
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Society Ch12 - 144 Ch 12 Economics and Politics Chapter 12...

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