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economy
a system of producing and distributing goods and services.
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subsistence economy
a type of economy in which human groups live off the land and have little or no surplus.
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conspicuous consumption
Thorstein Veblen's term for a change from the Protestant ethic to an eagerness to show off wealth by the consumption of goods.
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medium of exchange
the means by which people place a value on goods and services in order to make an exchange, for example, currency, gold, and silver.
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barter
the direct exchange of one item for another.
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money
any item (from sea shells to gold) that serves as a medium of exchange; today, currency is the most common form.
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deposit receipt
a receipt stating that a certain amount of goods is on deposit in a warehouse or bank; the receipt is used as a form of money.
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stored value
the goods that are stored and held in reserve that back up (or provide the value for) a currency.
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gold standard
paper money backed by gold.
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fiat money
currency issued by a government that is not backed by stored value.
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gross domestic product (GDP)
the amount of goods and services produced by a nation.
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inflation
an increase in prices.
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credit card
a device that allows its owner to purchase goods and to be billed later.
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debit card
a device that allows its owner to charge purchases against his or her bank account.
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e-cash
digital money that is stored on computers.
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capitalism
an economic system characterized by the private ownership of the means of production, market competition, and the pursuit of profit.
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laissez-faire capitalism
unrestricted manufacture and trade (literally :hands off" capitalism).
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welfare (or state) capitalism
an economic system in which individuals own the means of production but the state regulates many economic activities for the welfare of the population.
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market restraints
laws and regulations that limit the capacity to manufacture and sell products.
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monopoly
the control of an entire industry by a single company.
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socialism
an economic system characterized by the public ownership of the means of production, central planning, and the distribution of goods without a profit motive.
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market forces
the law of supply and demand.
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democratic socialism
a hybrideconomic system in which capitalism is mixed with state ownership.
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convergence theory
the view that as capitalist and socialist economic systems each adopt features of the other, a hybrid (or mixed) economic system will emerge.
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mechanical solidarity
Durkheim's term for the unity (or shared consciousness) that people feel as a result of performing the same or similar tasks.
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organic solidarity
Durkheim's term for the interdependence that results from the division of labor; people depending on others to fulfill their jobs.
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corporation
the joint ownership of a business enterprise, whose liabilities and obligations are separate from those of its owners.
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corporate capitalism
the domination of the economic system by giant corporations.
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stockholders' revolt
the refusal of a corporation's stockholders to rubber-stamp decisions made by its managers.
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multinational corperations
companies that operate across national boundaries; also called "transnational corporations."
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oligopoly
the control of an entire industry by several large companies.
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interlocking directorates
the same people serving on board of directors of several companies.
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quiet revolution
the fundamental changes in society that follow when vast numbers of women enter the work force.
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underground economy
exchanges of goods and services that are not reported to the government and thereby escape taxation.
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leisure
time not taken up by work or necessary activities.
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