Ch+12+Economy+and+Work+rev

Ch+12+Economy+and+Work+rev - Chapter 12 The Economy and...

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Chapter 12 The Economy and Work
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Key terms SOCIAL INSTITUTION A major sphere of social life, or societal subsystem, organized to meet human needs ECONOMY The social institution that organizes a society’s production, distribution, and consumption of goods and services Goods are commodities ranging from necessities Services are activities that benefit people
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The Industrial Revolution Brought five changes to the economy New sources of energy Centralization of work in factories Separation of work and home Manufacturing and mass production Specialization Wage labor
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The Information Revolution and Postindustrial Society Postindustrial Economy A productive system based on service work and high technology Production Consumption The transformation of “need” Driving economic change: Computer Three important changes From tangible products to ideas From mechanical skills to literacy skills From factories to almost anywhere
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The Global Economy Economic activity that crosses national borders 1 st – global division of labor 2 nd – more products pass through more than one nation 3 rd – national governments no longer control the economic activity that takes place within their borders 4 th – small number of businesses, operating internationally, now control vast share of world’s economic activity 5 th – economic globalization affects lives of U.S.
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Ch+12+Economy+and+Work+rev - Chapter 12 The Economy and...

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