Chapter 13

  1. Economy
    the social institution that ensures the maintenance of society through the production, distrubution, & consumption of goods and services
  2. Primary Sector Production
    the sector of the economy that extracts raws materials & natural resources from the environment
  3. Secondary Sector Production
    the sector of the economy that processes raw materials (from the primary sector) into finished goods
  4. Tertiary Sector Production
    the sector of the economy that is involved in the provision of services rather than goods
  5. Capitalism
    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
  6. Labor Union
    a group of employees who join together to bargain with an employer or a group of employees over wages, benefits, & working conditions
  7. Corporations
    large-scale organizations that have legal powers, such as ability to enter into contracts & buy & sell property, separate from their individual owners
  8. Transnational Corporations
    large corporations that are headquartered in one country but sell & produce goods & services in many countries
  9. Oligopoly
    a condition exisiting when severak companies overwhelmingly control an entire industry
  10. Shared Monopoly
    a condition that exists when four or fewer companies supply 50% or more of a particular market
  11. Conglomerate
    a combination of businesses in different commerical areas, all of which are owned by one holding company
  12. Interlocking Corporate Directorates
    members of the board of directors of one corportaion who also sit on the board/boards of other corporations
  13. Socialism
    an economic system characterized by public ownership of the means of production, the pursuit of collective goals, & centralized decision making
  14. Mixed Economy
    as economic system that combines elements of a market economy (capitalism) with elements of a command economy (socialism)
  15. Democratic 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
  16. Occupations
    categories of jobs that involve similar activities at different work sites
  17. Primary Labor Market
    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
  18. Secondary Labor Market
    the sector of the labor market that consists of low-paying jobs with few benefits & very little job security or possibility for future advancement
  19. Professions
    high-status, knowledge-based occupations
  20. Marginal Jobs
    jobs that differ from the employment norms of the society in which they are located
  21. Contingent Work
    part-time work, temporary work, or subcontracted work that offers advantages to employers but that can be detrimental to the welfare of workers
  22. Subcontracting
    an agreement in which a corporation contracts with other (usually smaller) forms to provide specialized components, products, or services to the larger corporations
  23. Unemployment Rate
    the percentage of unemployed persons in the labor force actively seeking jobs
Card Set
Chapter 13
Economic Systems in Global Perspective Key Terms