+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Social Institution
|
A major sphere of social life, or societal subsystem, organized to meet human needs.
|
|
Economy
|
The social institution that organizes a society's production, distribution, and consumption of goods and services.
|
|
Post-industrial Economy
|
Productive system based on service work and high technology.
|
|
Primary Sector
|
Part of the economy that draws raw materials from the natural environment.
|
|
Secondary Sector
|
Part of economy that transforms raw materials into manufactured goods.
|
|
Tertiary Sector
|
Part of the economy that involves services rather than goods.
|
|
Global Economy
|
Expanding economic activity that crosses national boarders.
|
|
Capitalism
|
Economic system in which natural resources and the means of producing goods and services privately owned.
|
|
Socialism
|
Economic system in which natural resources and the means of producing goods and services are collectively owned.
|
|
Welfare Capitalism
|
Economic and political system that combines a mostly market-based economy with extensive social welfare programs.
|
|
State Capitalism
|
Economic and political system in which companies are privately owned but cooperate closely with the government.
|
|
Profession
|
Prestigious, white-collar occupation that requires extensive formal education.
|
|
Corporation
|
Organization with a legal existence, including rights and liabilities, apart from that of its members.
|
|
Monopoly
|
Domination of a market by a single producer.
|
|
Oligopoly
|
Domination of a market by a few producers.
|
