Work and Economy Lecture Notes week 12

A collection of vocabulary flashcards based on key concepts from the lecture notes on Work and Economy.

Economy

Social institutions through which a society’s resources (goods and services) are managed.

Goods

Physical objects produced to meet needs; can include essential needs and luxuries.

Services

Activities that benefit people.

Capitalism

An economic system where the means of production are privately owned and goods/services are produced for profit through market competition.

Socialism

An economic system where the means of production are collectively owned or controlled, aiming to reduce inequality and meet social needs.

Agricultural Revolution

The transition to farming that led to the first true economies.

Industrial Revolution

A period of major industrialization that changed manufacturing methods and economies, primarily using machines.

Postindustrial Societies

Modern societies where the economy is based on information and services rather than manufacturing.

Convergence Theory

The idea that as economies grow, their societal organization becomes more similar to industrialized societies.

Global Society

The interconnected and interdependent nature of human communities and nations worldwide.

Globalization

The integration of markets and supply chains across countries.

Neoliberalism

An economic approach emphasizing free markets, privatization, and individual responsibility.

Digital Revolution

The impact of digital technology and the internet on society.

Automation

The use of technology to perform tasks traditionally done by human labor.

Inequality

The uneven distribution of wealth and resources in society.

Environmental Sustainability

Efforts aimed at conserving natural resources and reducing environmental harm for future generations.

Cultural Hybridization

The blending of cultures that occurs through globalization.

Social Movements

Organized efforts by groups to promote or resist change in society.

Economic Disparities

The differences in wealth and resources among different groups within the economy.

Political Ideologies

Sets of beliefs that influence political behavior and policy-making.

First Wave of Globalization

Periods of globalization from pre-modern times through the contemporary era.