Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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) |
