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9 Cards in this Set

  • Front
  • Back
What is an INSTITUTION
A set of norms surrounding the carrying out of a function necessary for the survival of society.
Define ECONOMY
The institution that provides for the production and distribution of goods and services which people in every society need.
Macrosociology
Analysis of large scale social forces, such as institutions.
Microsociology
Study of social interaction. focus, on face to face interaction, focused on idividuals rather than groups.
List the 2 dominant Economic systems.
Capitalism

Socialism
What is Capitalism?
Resources and means of production privately owned, citizens seek profit for them selves, success dependent on free-market competition.
What is Socialism?
Resources and means of production owned by society as a whole.
Rights to provate property limited.
Good of whole society strressed over idividual profit.
Government maintaims comtrol of economy.
Welfare Capitalism
Market based economy
Extensive socil welfare system
Free healthcare and education for all.
State Capitalism
Resources and meansof production privately owned
Closedly monitored & regulated by govenment.