Term
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Definition
-efforts to get goods and services
-self bennefacting
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Term
| Characteristics of a job? |
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Definition
-created for the human effort
-offers services in society
-you get payed for it |
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Term
| What are the three main questions that economy tries to answer? |
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Definition
1. How many goods and services are needed?
2. How can we produce goods and services efficiently?
3. For whom are these goods and services for? |
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Term
| What is the nature of work? |
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Definition
-homogenous (division of labor)
-provide through mass production
-specialization (concept by Adam Smith) |
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Term
| What did Henry Winslow Taylor do? |
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Definition
-created "Taylorism"
-believed with timely routine, and focused job people would be able to perform better |
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Term
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Definition
-commercialized production to meet demand through the invention of assembly lines |
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Term
| Why did Marx disagree with "Taylorism" (when jobs are focused and timely) |
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Definition
-he believed that the system created alienation by separating man's work from their motivation and creativity |
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Term
| Characteristics of a "low trust" job? |
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Definition
-constant supervision
-machines are NEEDED
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Term
| Characteristics of a "high trust" job? |
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Definition
-employee controls conditions of employment
-employee is given responsibilities |
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Term
| What is automation in response to low and high trust jobs? |
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Definition
-machines are created to do almost all the work of people |
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Term
| What is group production in response to low and high trust jobs? |
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Definition
-assign tasks to a group (9-10 people) undr supervision in order to get all their ideas |
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Term
| What is fireable production in response to low and high trust jobs? |
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Definition
-research and design units to come up with new ideas for efficiency on production |
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Term
| What is the the ultimate labor conflict? |
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Definition
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Term
|
Definition
| organizations to protect the rights of workers |
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Term
| What is the role of property ownership in Capitalism? |
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Definition
| people have the right to own property for production of goods and services |
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Term
| What is the goal in Capitalistic society? |
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Definition
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Term
| How is the mean established in a Capitalist society? |
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Definition
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Term
| How much is the government involved in a capitalist society? |
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Definition
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Term
| In a Socialistic society, what are the conditions of property ownership? |
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Definition
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Term
| What is the goal of a Socialistic society? |
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Definition
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Term
| How is a mean established in Socialism? |
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Definition
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Term
| How is the government involved when it comes to a Socialistic society? |
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Definition
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Term
| What is the convergence hypothesis? |
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Definition
| success in a country is accomplished by the combination of both Capitalism and Socialism |
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Term
| What is the definition of a multi-national corporation? |
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Definition
| Head quartered in one country but get their services produced by subsidiaries (neighboring countries) |
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Term
| What are some positives to a multi-national corporation? |
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Definition
| profit; market expansion; eliminates competition by buying them out; and seeks cheap foreign labor |
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Term
| What are a few reasons that multi-national corporations can be viewed as dangerous? |
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Definition
-control of tax on products
-less health regulations for production
-extreme power nationally ("interlocking directorates") |
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Term
| What are anti-trust laws? |
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Definition
| prevents any one business from controlling one industry aka a monopoly or oligopoly(industry controlled by several owners) |
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Term
| Why do other countries have worse unemployment rates? |
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Definition
-better welfare benefits
-America has more specialty training oppotunities |
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Term
| How can one understand the experience of unemployment? |
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Definition
| by taking all the advantages of employment away... like salary, health benefits, long term goals, etc. |
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Term
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Definition
-the unemployed
-informal economy (under the table payments)
-illegal economy
(not just in terms of formal statistics) |
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Term
| How are workers most satisfied? |
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Definition
-making an affect in job
-enjoy going to work
-trusts boss
-would describe relationship with manager as excellent |
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