FINAL EXAM REVIEW - Chapter 16: The Economy & Work...

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Chapter 16: The Economy & Work -sociologists debate on how the economy should work, whose interests it should serve, and what companies and workers owe to each other HISTORY OF THE ECONOMY economy: social institution that organizes the production, distribution and consumption of goods and services Agricultural revolution -produced only what was immediately needed (lived off the land) -towns emerged and were linked through networks of traders -4 factors: agricultural technology, productive specialization, permanent settlements, trade keys to expansion of economy -in expansion process family and work life separated Industrial Revolution -mid 18 th century -5 notable changes: 1) new energy forms (steam engine) 2) centralization of work in factories (factories) 3) manufacturing and mass production 4) specialization 5) wage labor Information Revolution & post-industrial society -middle 20 th century -post-industrial economy: a productive system based on service work and extensive use of info. technology -automated machinery reduces human involvement in factories -the service sector expanded and manufacturing declined -invent of computer -3 trends from Info. Revolution: 1) from tangible products to ideas 2) mechanical skills to literacy skills 3) decentralization of work away from factories Sectors of economy -primary: part of economy that generates raw materials directly from the natural environment -secondary: part that transforms raw materials into manufactured goods -tertiary: part that generates services rather than goods (3/4 of Canada’s economy)
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Global economy -defined as economic activity spanning many nations of the world w/ little regard for national borders -4 consequences: 1) global division of labor where diff. places specialize in one sector of economic activity 2) increasing # of products pass through economies of several nations 3) gov’t no longer control economic activity that takes place within their borders 4) a small # of multinational firms control a vast share of world’s economic activity (estimated 600 largest companies) COMPARATIVE ECONOMIC SYSTEMS Capitalism: economic system where natural resources and means of producing g/s are privately owned; three distinctive features: 1) private ownership of property 2) pursuit of personal profit 3) free competition and consumer sovereignty, which means a purely capitalist economy operates as a free market system w/ no gov’t interference (laissez-faire) -Adam smith “the invisible hand” Socialism: system where natural resources and means of producing g/s are collectively owned (opposite of capitalism) 1) collective ownership of property (Karl Marx) 2) pursuit of collective goals 3) gov’t control of economy Communism: hypothetical economic and political system where all members of a society are socially equal State Capitalism: system where companies are privately owned although they cooperate closely w/ gov’t -no economy is purely capitalist or socialist Advantages of Capitalism & Socialism -capitalist countries produce way more GDP than socialist
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This note was uploaded on 12/20/2009 for the course SOCIOLOGY 1020 taught by Professor None during the Spring '05 term at UWO.

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FINAL EXAM REVIEW - Chapter 16: The Economy & Work...

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