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15 Cards in this Set

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