SOC 110 Test 3

economy

the social institution that organizes a society's production, distribution, and consumption of goods and services. operating in a more-or-less predictable manner.

postindustrial economy

productive system based on service work and high technology.

primary sector

the part of the economy that draws raw materials from the natural environment.

secondary sector

the part of the economy that transforms raw materials into manufactured goods.

tertiary sector

the part of the economy that involves services rather than goods

global economy

economic activity that crosses national borders

Capitalism

an economic system in which natural resources and the means of producing goods and services are privately owned

1. Private ownership of property
2. Pursuit of personal profit
3. Competition and consumer choice

Socialism

an economic system in which natural resources and the means of producing goods and services are collectively owned

1. Collective ownership of property
2. Pursuit of collective goals
3. Government control of the economy

welfare capitalism

an economic and political system (common in Western Europe) that combines a mostly market-based economy with extensive social welfare programs

state capitalism

an economic and political system (found in Japan and Singapore) in which companies are privately owned but cooperate closely with the government

gross domestic product (GDP)

the total value of all goods and services produced within the nation’s borders each year. Per capita (per-person)

labor unions

organizations of workers that seek to improve wages and working conditions through various strategies

profession

a prestigious white-collar occupation that requires extensive formal education

automation

the use of automatic machinery or other equipment to perform work

corporation

an organization with a legal existence, including rights and liabilities, separate from that of its members

conglomerate

a giant corporation composed of many smaller corporations

monopoly

the domination of a market by a single producer

oligopoly

the domination of a market by a few producers

politics

the social institution that distributes power, sets a society’s goals, and makes decisions

power

the ability to achieve desired ends despite resistance from others

government

a formal organization that directs the political life of a society

authority

power that people perceive as legitimate rather than coercive

traditional authority

power legitimized by respect for long-established cultural patterns

rational-legal authority

power legitimized by legally enacted rules and regulations (also known as bureaucratic authority)

charismatic authority

power legitimized by extraordinary personal abilities that inspire devotion and obedience

routinization of charisma

the transformation of charismatic authority into some combination of traditional and bureaucratic authority

monarchy

a political system in which a single family rules from generation to generation

democracy

a political system that gives power to the people as a whole

authoritarianism

a political system that denies the people participation in government

totalitarianism

a highly centralized political system that extensively regulates people’s lives

welfare state

a system of government agencies and programs that provides benefits to the population

special-interest group

people organized to address some economic or social issue

political action committee (PAC)

an organization formed by a special-interest group, independent of political parties, to raise and spend money in support of political goals

pluralist model

an analysis of politics that sees power as spread among many competing interest groups

power-elite mode!

an analysis of politics that sees power as concentrated among the ric

Marxist political-economy model

an analysis that explains politics in terms of the operation of a society’s economic system

political revolution

the overthrow of one political system in order to establish another

terrorism

acts of violence or the threat of violence used as a political strategy by an individual or a group

war

organized, armed conflict among the people of two or more nations, directed by their governments

military-industrial complex

the close association of the federal government, the military, and defense industries

nuclear proliferation

the acquisition of nuclear weapons technology by more and more nations