ch18 key terms

automation

workers being replaced by technology

bartering

a process where people exchange one form of goods or services for another

capitalism

an economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth

career inheritance

a practice where children tend to enter the same or similar occupation as their parents

convergence theory

a sociological theory to explain how and why societies move toward similarity over time as their economies develop

depression

a sustained recession across several economic sectors

economy

the social institution through which a society’s resources (goods and services) are managed

global assembly lines

a practice where products are assembled over the course of several international transactions

global commodity chains

internationally integrated economic links that connect workers and corporations for the purpose of manufacture and marketing

market socialism

a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand

mechanical solidarity

a form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies

mercantilism

an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges

money

an object that a society agrees to assign a value to so it can be exchanged as payment

mutualism

a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts

organic solidarity

a form of social cohesion that arises out of the mutual interdependence created by the specialization of work

outsourcing

a practice where jobs are contracted to an outside source, often in another country

polarization

a practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases

recession

two or more consecutive quarters of economic decline

socialism

an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society

structural unemployment

a societal level of disjuncture between people seeking jobs and the jobs that are available

subsistence farming

farming where farmers grow only enough to feed themselves and their families

underemployment

a state in which a person accepts a lower paying, lower status job than his or her education and experience qualifies him or her to perform

xenophobia

an illogical fear and even hatred of foreigners and foreign goods

subsistence farming

they produced only enough to feed themselves and pay their taxes.

quaternary sector

produces ideas; these include the research that leads to new technologies, the management of information, and a society’s highest levels of education and the arts

tertiary sector

provides services: child care, healthcare, and money management.

primary sector

extracts and produces raw materials (like metals and crops).

secondary sector

turns those raw materials into finished goods.

Unemployment statistics criteria

1. who are actively looking for work

2. who have not earned income from a job in the past four weeks

3. who are ready, willing, and able to work