Sociology

Front 1

Medium of Exchange

Back 1

The means by whick people place a value on goods and services in ofer to make an exvhange.
Ex: currency, gold and silver

Front 2

Barter

Back 2

Direct Exchange of one item for another

Front 3

Fait money

Back 3

Currency issued by a government that is not backed by stored value.
(Our money today is not backed by gold or silver.)

Front 4

Industrial Societies

Back 4

*Birth of the machine
*Brought previosly unseen surpluses.
*More efficient machines led to conspicuos consumption.

Front 5

Post Industrial Societies

Back 5

*Birth of information age.
* Service sector. (Hospital, teachers etc).
*Vast surplus of goods.
*Extensive trade among nations
*Wider Variety and quantity of goods.
*Information explosion.
*Global Villiage.

Front 6

Agricultural Societies and Medium of Exchange

Back 6

* Trading vy Baiter System.
* ex: Chande food for a service.

Front 7

Medium of Exchabge in industrial societies.

Back 7

*Gold standard & paper money
*Fairt money
*Gross Domestic Product (GDP)- amount of goods &services produced by a nation.

Front 8

World Economic systems
*Capitalism

Back 8

*private ownership of means of production.
*Market Compettion
*Pursuit of Profit.
*leads to social inequality.
*Tiny top layer, exploits vast bottom layer.
*Few who own the means pf production reap huge profits.

Front 9

World Economic systems
*Welfare Capitalism

Back 9

*Individuals owns the means of production but the state regulates manu economic activities for the welfare of the population.

Front 10

World Economic Systems
*Socialism

Back 10

*Public ownershiip (government) of means of production.
* Centre planning
*Distribution of goals with out profit motive.
*Does not respect individual rights.
*Others (Government) control peoples lives.
*Give everyone an equal chance to be poor.

Front 11

World Economic systems
*Democratic socialism

Back 11

* Hybrid Economic system in which capitalism is miced with state ownership.

Front 12

World Economic systems
*Capitalists

Back 12

*Market prices should determine products and prices. (Supply & Demand)
*Pofit is good.

Front 13

World Economic systems
*Socialists

Back 13

*Profit is immorae
/Item's value based on the work that went into it.
*Government protects workers from exploiation.

Front 14

Covergence Theory

Back 14

Capitalist & Socialist of the other; a hybrid (mixed) economic system will emerge.

Front 15

Changese is Russia & China

Back 15

China Changed from Socialistic
*Unsettled

Front 16

Changes in America

Back 16

*America is capitalistic but a few socialistic features are present.