18.5: Key Terms
- Page ID
- 172388
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- automation
- workers being replaced by technology
- bartering
- a process where people exchange one form of goods or services for another
- capitalism
- an economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth
- career inheritance
- a practice where children tend to enter the same or similar occupation as their parents
- convergence theory
- a sociological theory to explain how and why societies move toward similarity over time as their economies develop
- depression
- a sustained recession across several economic sectors
- economy
- the social institution through which a society’s resources (goods and services) are managed
- global assembly lines
- a practice where products are assembled over the course of several international transactions
- global commodity chains
- internationally integrated economic links that connect workers and corporations for the purpose of manufacture and marketing
- market socialism
- a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand
- mechanical solidarity
- a form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies
- mercantilism
- an economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges
- money
- an object that a society agrees to assign a value to so it can be exchanged as payment
- mutualism
- a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
- organic solidarity
- a form of social cohesion that arises out of the mutual interdependence created by the specialization of work
- outsourcing
- a practice where jobs are contracted to an outside source, often in another country
- polarization
- a practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases
- recession
- two or more consecutive quarters of economic decline
- socialism
- an economic system in which there is government ownership (often referred to as “state run”) of goods and their production, with an impetus to share work and wealth equally among the members of a society
- structural unemployment
- a societal level of disjuncture between people seeking jobs and the jobs that are available
- subsistence farming
- farming where farmers grow only enough to feed themselves and their families
- underemployment
- a state in which a person accepts a lower paying, lower status job than his or her education and experience qualifies him or her to perform
- xenophobia
- an illogical fear and even hatred of foreigners and foreign goods