Chapter 13

the social institution that ensures the maintenance of society through the production, distrubution, & consumption of goods and services

the sector of the economy that extracts raws materials & natural resources from the environment

the sector of the economy that processes raw materials (from the primary sector) into finished goods

the sector of the economy that is involved in the provision of services rather than goods

an economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition & without government intervention

a group of employees who join together to bargain with an employer or a group of employees over wages, benefits, & working conditions

large-scale organizations that have legal powers, such as ability to enter into contracts & buy & sell property, separate from their individual owners

large corporations that are headquartered in one country but sell & produce goods & services in many countries

a condition exisiting when severak companies overwhelmingly control an entire industry

a condition that exists when four or fewer companies supply 50% or more of a particular market

a combination of businesses in different commerical areas, all of which are owned by one holding company

members of the board of directors of one corportaion who also sit on the board/boards of other corporations

an economic system characterized by public ownership of the means of production, the pursuit of collective goals, & centralized decision making

as economic system that combines elements of a market economy (capitalism) with elements of a command economy (socialism)

an economic & political system that combines private ownership of some of the means of production, governmental distribution of some essential goods & services, & free elections

categories of jobs that involve similar activities at different work sites

the senctor of the labor market that consists of high-paying jobs with good benefits that have some degree of security & the possibility of future advancement

the sector of the labor market that consists of low-paying jobs with few benefits & very little job security or possibility for future advancement

high-status, knowledge-based occupations

jobs that differ from the employment norms of the society in which they are located

part-time work, temporary work, or subcontracted work that offers advantages to employers but that can be detrimental to the welfare of workers

an agreement in which a corporation contracts with other (usually smaller) forms to provide specialized components, products, or services to the larger corporations

the percentage of unemployed persons in the labor force actively seeking jobs