SOCIOLOGY EXAM STUDY GUIDE

SOCIOLOGY EXAM STUDY GUIDE - SOCIOLOGY EXAM STUDY GUIDE...

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SOCIOLOGY EXAM STUDY GUIDE Chapter 13 The Economy and Work Economy- social institution that produces, manages, and distributes a society’s human and material resources Primary Sector- activites that extract products directly form the natural environment…(agriculture, fishing, forestry, mining, and animal husbandry) Secondary Sector- manufacturing sector; activites that transform material resources into goods or products Tertiary Sector- service sector; economic activities that provide services rather than produce tangible goods Postindustrial economy- system for producing, managing, and distributing services and information, with the help of electronic technology, especially computers Capitalism- economic system in which the means of production are privately owned and operated; a capitalist economy is characterized by competition among members of the society who seek an ever-greater share of resources and profit (US) Socialism- economic system in which the means of production are publicly owned and operated; essential features include: public ownership of property, an emphasis on collective interest over individual or personal gain, and government regulation and control of economic activity (China) State Capitalism- an economic system in which the means of production are privately owned and operated, but there is a high level of government intervention in economic activity (Singapore) Democratic Socialism- economic system in which there is substantial public ownership of production and government intervention into economic activity, but also considerably more political freedom (Sweden) Corporation- group of people who one a business, but who have received special legal status that grants them rights, privileges, and responsibilities separate and distinct from those they hold as individuals Oligopoly (Shared Monopoly)- a small group of corporations that enjoys a disproportionate share of the market for specific goods or services
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Conglomeration- process of corporate mergering Horizontal Merger- when one company buys another company in the same industry Vertical Merger- when one company buys another company only marginally related or completely unrelated to its own business Intercorporate Control- a network of connections among corporations that allows them to coordinate their activities in order to enhance their economic position Interlocking Directorate- network of association through membership on the boards of directors of multiple corporations ~Wealth of Nations by Adam Smith Increase of the quantity of work, which the same number of people are capable of performing, is owing to three different circumstances: 1. The increase of dexterity in every particular workman increases the quantity of the work he can perform 2. The saving of the time which is commonly lost in passing from one species of work to another 3. The invention of a great number of machines which facilitate and abridge labor, and enable one man to do the work of many
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