SYG 2000 Test 4-2023/2024 Solved 100% Correct

economy - ANSWER-social institution that organizes a society's production, distribution, and consumption of goods and services. goods - ANSWER-commodities ranging form necessities to luxury items. services - ANSWER-activities that benefit others agricultural revolution - ANSWER-the earliest societies were hunters and gatherers with no distinct economy. with surplus, the economy was a distinct social institution. -agricultural technology -job specialization -permanent settlements -trade Industrialization created economic change in five ways. - ANSWER-1. New sources of energies 2. Centralization of work in factories 3. Manufacturing and mass production 4. Specialization 5. Wage labor postindustrial economy - ANSWER-Productive system of service work and high technology Information revolution altered fundamental character of work in three ways - ANSWER-• From tangible products to intangible ideas • From mechanical skills to literacy skills • From factories to almost anywhere primary sector - ANSWER-generates raw materials from environment secondary sector - ANSWER-transforms raw materials into manufactured goods tertiary sector - ANSWER-generates services rather than goods Five major consequences of the global economy development - ANSWER-1. Global division of labor 2. More products pass through many nations 3. National governments no longer control the economic activity within their borders 4. Small number of businesses control a vast share of the world's wealth 5. Concerns raised about the rights and opportunities of workers capitalism - ANSWER-economic system in which natural resources and the means of producing goods and services are privately owned key features of capitalism - ANSWER--private ownership of property -pursuit of personal profit -competition and consumer choice justice of capitalism - ANSWER-freedom of the marketplace is a capitalist system socialism - ANSWER-economic system in which natural resources and the means of producing goods and services are collectively owned key features of socialism - ANSWER--collective ownership of property -pursuit of collective goals -government control of the economy justice of socialism - ANSWER-meeting everyone's needs in roughly equal manner in a socialist system welfare capitalism - ANSWER-economic and political system that combines market-based economy and social welfare programs state capitalism - ANSWER-economic and political system in which companies are privately owned but cooperate closely with government capitalism relative advantages - ANSWER-• Economic productivity - GDP is $13,500 • Economic equality - More income disparity • Personal freedom - Emphasizes freedom to pursue personal self- interest socialism relative advantages - ANSWER-• Economic productivity - GDP is $5,000 • Economic equality - Less income disparity • Personal freedom - Emphasizes freedom from basic want labor unions - ANSWER-Organizations of workers that seek to improve wages and working conditions through various strategies, including negotiations and strikes professions - ANSWER-prestigious white-collar occupation that requires extensive formal education self-employment - ANSWER-earning a living without being on the payroll of a large organization unemployment - ANSWER-jobs disappear as occupations become obsolete, businesses change operational plans, and companies downsize or close. underemployment - ANSWER-lower salaries, fewer benefits, and reduced/no pensions. Many workers agree to cuts in pay and/or benefits. economic concentration - ANSWER-largest corporation dominate U.S. economy conglomerates and corporate linkages - ANSWER-new markets, spin offs, mergers, shared stock, interlocking directories. modernization theory - ANSWER-market is key to global progress and affluence dependency theory - ANSWER-multinationals worsen global inequality and increase dependency of poor nations on rich nations power - ANSWER-ability to achieve desired end despite resistance from others (Weber) authority - ANSWER-power that people perceive as legitimate rather than coercive (Weber) politics - ANSWER-social institution that distributes power, sets a society's goals, and makes decisions government - ANSWER-formal organization that directs the political life of a society Traditional authority - ANSWER-• Power legitimized through respect for long established cultural patterns • Authority declines as societies industrialize. • Traditional authority is also a source of strength for patriarchy. rational-legal authority - ANSWER-• Power is legitimized by legally enacted rules and regulations. • Rationally enacted rules also guide the use of power in everyday life. • Authority resides not in the person but in the office. Charismatic authority - ANSWER-• Power legitimized through extraordinary personal ability and devotion and obedience are inspired. • Authority depends less on a person's ancestry