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22 Cards in this Set
- Front
- Back
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capitalism
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an economic system characterized by the private ownership of natural resources and income-producing property.
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communism
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an ideal political and economic system characterized by the absence of social classes and a government; all members are socially equal.
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conglomerates
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corporations whose business interests span several industries, all owned by the same company.
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contingent work
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part-time, temporary, and subcontracted work that provides the worker with limited pay, benefits, and opportunities.
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corporations
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large-scale, formalized organizations that have legal powers seperate from those enjoyed by their individual owners.
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deprofessionalization
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the process whereby certain elements of a profession are eliminated.
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economy
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the social institution that contributes to the maintenance of society by organizing the production, distribution, and consumption of goods and services.
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interlocking dicrectories
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the practice of members of the board of directors of one corporation also holding positions on the boards of directors of other corporations
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labor unions
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organizations of workers that attempt to improve the working conditions, pay, and benefits of workers through various means, including collective barganing and strikes
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mixed economy
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an economic system that combines elements of command economies/socialism with elements of market economies/capitalism
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occupations
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jobs that involve similar skills, tasks, and responsibilities.
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oligopoly
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the domination of an industry by a few firms
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postindustrial economy
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an economy based primarily on the production of services and knowledge.
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primary labor market
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the segment of the economy consisiting of high-paying jobs that offer extensive benefits and advancement opportunities.
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primary sector
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involves the extraction of raw materials and natural resouces from the environment.
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professions
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prestigious occupations that require advanced training and knowledge.
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secondary sector
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involves the transformation of raw materials and natural resources into finished goods.
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secondary labor market
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the segment of the economy consisiting of low-paying jobs that provide limited benefits , little job security, and few advancement opportunities.
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social democratic system
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an economic and political system in which government distribution of some goods and services is combined with private ownership of some income producing property and is characterized by free elections
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socialism
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an economic system characterized by public ownership of natural resources and income producing property.
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tertiary sector
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involves the creation and delivery of services
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unemployed
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status of an out of work person who has actively looked for work in the past 30 days.
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