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Sociology 2e CH18
Work and the Economy
23
Sociology
Undergraduate 1
12/28/2021

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Term
automation
Definition
workers being replaced by technology
Term
bartering
Definition
a process where people exchange one form of goods or services for another
Term
capitalism
Definition
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
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 economies develop
Term
depression
Definition
a sustained recession across several economic sectors
Term
economy
Definition
the social institution through which a society’s resources (goods and services) are managed
Term
global assembly lines
Definition
a practice 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
mechanical solidarity
Definition
a form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies
Term
mercantilism
Definition
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
Term
money
Definition
an object that a society agrees to assign a value to so it can be exchanged as payment
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
organic solidarity
Definition
a form of social cohesion that arises out of the mutual interdependence created by the specialization of work
Term
outsourcing
Definition
a practice where jobs are contracted to an outside source, often in another country
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
recession
Definition
two or more consecutive quarters of economic decline
Term
socialism
Definition
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
Term
structural unemployment
Definition
a societal level of disjuncture between people seeking jobs and the jobs that are available
Term
subsistence farming
Definition
farming where farmers grow only enough to feed themselves and their families
Term
underemployment
Definition
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
Term
xenophobia
Definition
an illogical fear and even hatred of foreigners and foreign goods
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