SOC 101 Introduction to Sociology - Capitalism

A collection of vocabulary flashcards covering key concepts related to capitalism and its effects on society, as discussed in SOC 101 lecture notes.

Capitalism

an economic system where people and businesses own things like factories, stores, and money, instead of the government. They make and sell goods and services to earn profit.

Stakeholder Culture

means a company cares about and tries to balance the needs of everyone affected by it — not just owners and investors, but also employees, customers, suppliers, and the community.

Shareholder Culture

when a company mainly focuses on making money for its owners or investors (the shareholders), sometimes more than caring about other groups like workers or customers.

Inequality

The uneven distribution of resources and opportunities among different groups within society, heavily influenced by capitalism.

Class Power

means the influence and control that different social or economic groups (called classes) have in society.

Contingency Workforce

A workforce comprised of temporary, part-time, or contract workers rather than a permanent staff.

Wage Theft

The unlawful practice of not paying workers their full wages or benefits.

Deindustrialization

The decline of industrial activity in a region or economy, often leading to job losses in manufacturing.

Unionization

The process of organizing workers into a labor union for collective bargaining and representation.

Globalization

is the process of countries, businesses, and people becoming more connected through trade, technology, ideas, and culture.