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40 Cards in this Set

  • Front
  • Back
Least industrialized nations-
market is combined business and social occasion
Market-
process of buying and selling
Economy-
system of distribution of goods and services
Preindustrial societies
Hunting and gathering societies
Subsistence economy
Pastoral and horticultural societies
Dependable food supply, settle down
Social inequality
Agricultural societies
Specialized divisions of labor
Industrial societies
Machines powered by fuel
Hunting and gathering societies
Subsistence economy - move around a lot; take what they need and move on; @ 25-30 people; Don't have to trade.
Subsistence economy -
move around a lot; take what they need and move on; @ 25-30 people; Don't have to trade.
Pastoral and horticultural societies
Dependable food supply, settle down
Social inequality - some people had more than others
Agricultural societies
Specialized divisions of labor

trading centers were developed in this type of society.
Industrial societies
Machines powered by fuel

more inequality - owners are rich, and workers are poor.
Conspicuous consumption
Show off wealth by elaborate consumption of goods

materialistic things.

people wanted to show off their wealth.
Postindustrial societies
Service sector, surplus of goods
Information explosion (what we know is more important), Global village - we are all connected.
Bioeconomic societies
Merge biology and economics

Taking what we know about genetics and applying to world.
Medium of exchange-
means by which people value and exchange goods and services
Hunting/ gathering & pastoral/ horticultural
Barter- direct exchange of one item for another
Agricultural societies
Barter plus use of money
Deposit receipts
Currency
Stored value
industrial society (medium of exchange)
The Gold Standard
Fiat money
GDP (gross domestic product)
Inflation
Checks/credit cards
Fiat money
currency issued by gov't that is not backed by stored value.
The gold standard
What was replaced by paper money?
GDP
gross domestic product
GDP
goods & services that a country produces.
Postindustrial (information society)
What type of society uses Debit cards
E-cash
World economic systems
Capitalism
Socialism
Capitalism
Private ownership of means of production
Market competition
Pursuit of profit
Pure capitalism (laissez-faire)
Current U.S. system (welfare/state capitalism)
Market restraints
Monopoly
Divest
Market forces
Market restraints-
laws and regulations that limit the capacity to manufacture and sell products
Monopoly-
control of an entire industry by a single company
Divest-
selling off part of a business
Market forces-
supply and demand determine production and prices
Socialism
Public ownership of means of production
Central planning
Distribution of goods w/out a profit motive
Committee decides products and prices for country
Everyone works for the gov’t
No pure form
Democratic socialism
Capitalism mixed w/ state ownership

Capitalists believe market forces should determine products and prices
Socialists believe an items value is based on the work that goes into it
believe market forces should determine products and prices
In democratic socialism, what do capitalists believe?
believe an items value is based on the work that goes into it
In democratic socialism, what do the socialist's believe?
Criticisms
Capitalism- leads to social inequality and underemployment
Socialism- does not respect individual rights
Capitalism
Criticism
who believes that this leads to social inequality and underemployment
Socialism-
What economical group gave a criticism that said does not respect individual rights?
Work in US society
Decline of agriculture and the transition to postindustrial society
Women and work
The Underground Economy
Shrinking paychecks
Patterns of work and leisure
The Underground Economy
illegal & legal (babysitting, undocumented workers)
Informal/ off the books
Estimated to run 10-15% of regular economy
Women and work
Women about 60% of workforce in 2002
More likely work if educated
More likely work if single
The Quiet Revolution
The Quiet Revolution
big change that happened to our society because of women.

gradually entered work force.

family life changed.
Shrinking paychecks
=
Buying power down

make 4 times as much money as parents, but able to buy less than them.
Patterns of work and leisure
Effects of industrialization
Trends in leisure
Telecommuting (teleworking)