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15 Cards in this Set
- Front
- Back
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Economy
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the social institution that organizes a societys production, distribution, and consumption of goods and services.
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Postindustrial Economy
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a productive system on service work and high technology
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Primary Sector
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the part of the economy that draws raw materials from the natural environment
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Secondary Sector
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the part of the economy that transforms raw materials into manufactured goods
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Tertiary Sector
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the part of the economy that involves services rather than goods
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Global Economy
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expanding economic activity that crosses national borders
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Capitalism
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an economic system in which natural resources and the means of producing goods and servies are privately owned
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Socialism
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an economic system in which natural resources and the means of producing goods and services are collectively owned
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Communism
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a hypothetical economic and political system in which all members of a society are socially equal
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Welfare Capitalism
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an economic and political system that combines a mostly market-based economy with extensive social welfare programs
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State Capitalism
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an economic and political system in which companies are privately owned but cooperate closely with government
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Primary Labor Market
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jobs that provide extensive benefits to workers
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Secondary Labor Market
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Jobs that provide minimal benefits to workers
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Labor Unions
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organization of workers that seek to improve wages and working onditions through various strategies, including negotiations and strikes
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Profession
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a prestigious whitecollar occupation that requires extensive formal education
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