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12 Cards in this Set
- Front
- Back
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economy |
the social institution that organizes a society's production, distribution, and consumption of goods and services |
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postindustrial economy |
a productive system based on service work and high technology |
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primary sector |
the part of the economy that draws raw materials from the natural environment |
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secondary sector |
the part of the economy that transforms raw materials into manufactured goods |
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tertiary sector |
the part of the economy that involves services rather than goods |
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global economy |
economic activity that crosses national borders |
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capitalism |
an economic system in which natural resources and the means of producing goods and services are privately owned |
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socialism |
an economic system in which natural resources and the means of producing goods and services are collectively owned |
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communism |
a hypothetical economic and political system in which all members of a society are socially equal |
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welfare capitalism |
an economic and political system that combines mostly market-based economy with extensive social welfare program |
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state capitalism |
an economic and political system in which companies are privately owned but cooperate closely with the government |
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primary labor market |
jobs that provide extensive benefits to workers |
