Economic Systems and Workforce Dynamics in the U.S.

Economy

System managing production, distribution, consumption of goods.

Agricultural Revolution

Shift from hunting-gathering to farming societies.

Industrial Revolution

Transition to manufacturing goods in factories.

Information Revolution

Economy based on service and knowledge work.

Capitalism

Economic system emphasizing free market and profit.

Free Market Competition

Market driven by supply and demand dynamics.

McDonaldization

Efficiency and cost-effectiveness dominate production methods.

Obsolescence

Jobs become outdated due to technological advancements.

Socialism

Collective ownership and government regulation of economy.

Communism

Extreme socialism with no private property or class.

Postindustrial Economy

Economy focused on service and knowledge jobs.

Knowledge Work

Jobs involving information processing without customer contact.

Alienation

Loss of control over work and production conditions.

Resistance Strategies

Methods workers use to cope with poor conditions.

Individual Resistance

Personal actions against workplace dissatisfaction.

Collective Resistance

Group actions to improve working conditions.

Unions

Worker associations bargaining for better conditions.

Strikes

Collective refusal to work until demands are met.

Globalization

Increased international trade and cultural exchange.

Transnational Corporations

Companies operating across national borders.

Outsourcing

Contracting work to external or foreign entities.

Sweatshop

Workplace with poor conditions and low wages.

Contingent Workforce

Temporary and freelance workers in the economy.

Gig Economy

Market characterized by short-term, flexible jobs.

Independent Sector

Nonprofits focused on social causes, not profit.

Telecommuting

Working remotely, often from home.

Employee Classification

Determines eligibility for benefits based on work status.

Cost of Efficiency

Prioritizing productivity over employee well-being.

Social Inequality

Disparities in wealth and opportunity among groups.