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Related Flashcards
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Cards In This Set
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The social institution that organizes a society's production, distrubution, and consumption of goods and services
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Economy
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A productive system based on service work and high technology
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Postindustrial economy
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Economic activity that crosses national borders
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Global economy
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An economic system in which natural resources and the means of producing goods and services are privatley owned
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Capitalism
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3 features of capitalism
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1. private ownsership of property
2. pursuit of personal profit
3. competition and consumer choice
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An economic systems in which natural resources and the means of producing goods and services are collectively owned
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Socialism
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3 characteristics of socialism
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1. collective ownership of property
2. pursuit of collective goals
3. government control of the economy
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A hypothetical economic and political system in which all members of a society are socially equal
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Communism
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An economic and political system that combines a mostly market-based economy with extensive social welfare programs
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Welfare capitalism
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An economic and political system in which companies are privatley owned but cooperate closely with the government
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State capitalism
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Organizations of workers that seek to improve wages and working conditions through various strategies, including negotiations and strikes
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Labor unions
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A prestigious white-collar occupation that requires extensive formal education
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Profession
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4 characteristics of professions
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1. theoretical knowledge
2. self-regulatin practice
3. authority over client
4. community orientation rather than self-interest
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Earning a living without being on the payroll of a large organization
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Self-employment
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Economic activity involving income not reported to the government as required by law
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Underground economy
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