Chapter 13 Notes

Chapter 13 Notes - Anjelie Patidar Chapter 13 Notes 10/ 24/...

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Anjelie Patidar Chapter 13 Notes 10/ 24/ 05 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
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This note was uploaded on 04/08/2008 for the course SO 100 taught by Professor Rizova during the Fall '05 term at BU.

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Chapter 13 Notes - Anjelie Patidar Chapter 13 Notes 10/ 24/...

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