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Economic System
A socially created institution that coordinates human activity in effort to produce, distribute and consume goods and services.
Goods
Products extracted from the earth, manufactured or grown.
Services
Activities performed for others that result in no tangible product, such as entertainment.
Industrial societies
Rely on mechanization.
allow humans to produce food and use resources.
feed hundreds of thousands of people.
was started by industrial revolution.
Postindustrial society
Society that is dominated by intellectual technologies of telecommunications and computers and servers.
Capitalism
economic system in which raw materials and the means of producing goods and services remain privately owned.
Socialism
Economic system in which raw materials and means of producing and distrubuting goods and services remain collectively owned
World system theory
500 year + expansion of a single market force - capitalism - that created the world economy
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