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Chapter 18
Vocab
13
Sociology
Undergraduate 1
04/29/2018

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Term
Bartering
Definition
a process where people exchange one form of goods or services for another
Term
career inheritance
Definition
a practice where children tend to enter the same or similar occupation as their parents
Term
Convergence Theory
Definition
a sociological theory to explain how and why societies move toward similarity over time as their economics develop
Term
depression
Definition
a sustained recession across several economic sectors
Term
global assembly lines
Definition
a practice where products where products are assembled over the course of several international transactions
Term
global commodity chains
Definition
internationally integrated economic links that connect workers and corporations for the purpose of manufacture and marketing
Term
market socialism
Definition
a subtype of socialism that adopts certain traits of capitalism, like allowing limited private ownership or consulting market demand
Term
Mercantilism
Definition
an economic policy based on notional policies of accumulation silver and gold by controlling markets with colonies and other counties through taxes and customs charges
Term
mutualism
Definition
a form of socialism under which individuals and cooperative groups exchange products with one another on the basis of mutually satisfactory contracts
Term
polarization
Definition
a practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases
Term
recessions
Definition
two or more consecutive quarters of economic decline
Term
subsistence farming
Definition
farming where farmers grow only enough to feed themselves and their families
Term
xenophobia
Definition
an illogical fear and even hatred of foreigners and foreign goods
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