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