Lecture #7- Work & the Economy

artificial intelligence (AI)

Technology performing tasks requiring human-like intelligence

capitalism

Economic system based on private ownership and profit

communism

System with collective ownership and no private property

contingent work

Temporary

corporations

Large businesses with legal rights separate from owners

democratic socialism

Blend of democratic government and socialist policies

economy

System of production

friendshoring

Moving production to politically friendly countries

gig economy

Short-term

labour union

Organization representing workers

marginal jobs

Low-paid

mixed economy

System combining market forces and government control

multinational corporations

Companies operating in multiple countries

occupations

Categories of jobs defined by skill or role

oligopoly

Market dominated by a few large firms

post-industrial economy

Economy focused on services and knowledge

primary sector production

Extraction of natural resources

professions

High-skill jobs requiring specialized training

secondary sector production

Manufacturing and processing goods

socialism

System with public ownership of major industries

tariffs

Taxes on imported goods

tertiary sector production

Service-based work

unemployment rate

Percentage of labour force actively seeking work