Exam 14: The Economy

What theory is based on the idea that the two economic systems - capitalism and socialism - will eventually adopt features of one another until there is a hybrid economic system in all societies?

A major benefit of the biotech society is that it will create a more equal global society, narrowing the gap between rich and poor nations.

What is a major concern expressed by employees and managers as it pertains to telecommuting?

Explain how the accumulation of surplus contributed to the growth of social inequality.

Convergence theory occurs when former capitalist nations adopt features of socialism and former socialist nations adopt features of capitalism, while each transforms into the other.

Economic activities, illegal or legal, that people do not report to the government are sometimes referred to as the ________ economy.

Discuss the factors that commonly determine whether a woman works for wages.

Sociologists use the term "________" to refer to the fundamental changes in society that occur as a result of vast numbers of women entering the workforce.

Why was Coca-Cola considered a particularly good "pick-me-up" prior to 1903?

What are the three essential components of socialism?

The plow was to the agricultural society as the ________ was to the industrial society.

What is the most egalitarian of all forms of society?

The largest source of illegal, or unreported, income in the United States is most likely the cash wages paid to illegal immigrant laborers.

Match the term with the definition. 1) subsistence economy 2) conspicuous consumption 3) barter 4) fiat money 5) inflation 6) money 7) gold standard 8) stored value 9) capitalism 10) laissez-faire capitalism 11) state capitalism 12) socialism 13) convergence theory 14) quiet revolution 15) underground economy -A) paper money backed by gold stored at Fort Knox, thus limiting the amount of dollars issued B) an economic system in which individuals own the means of production but the state regulates many economic activities for the welfare of the population C) currency issued by a government that is not backed by stored value D) an economic system characterized by the private ownership of the means of production, the pursuit of profit, and market competition E) a type of economy in which human groups live off the land and have little or no surplus F) fundamental changes in society created by the vast numbers of women moving into the workforce G) any item that has value and serves as a medium of exchange, the most common form today being currency H) a hybrid of mixed economies that combines capitalism and socialism I) the goods that are held in reserve that back up a currency J) an economic system characterized by public ownership of the means of production, central planning, and distribution of goods without a profit motive K) Thorstein Veblen's term for a shift from the sensibility of the Protestant ethic to an eagerness to show off wealth through the consumption of goods L) the direct exchange of one item for another M)exchanges of goods and services that are not reported to the government to avoid taxation N) a period during which each unit of currency purchases fewer goods and services, leading to an increase in prices O) unrestricted manufacture and trade

The economic system in the United States is an example of pure capitalism.

Until 1937, the buying power of the American dollar was relatively constant.

The control of an entire industry by a single company is referred to as a monopoly.

In an industrialized society, there is virtually no difference between mechanical and organic solidarity.

What term did Durkheim use to refer to the sense of unity that comes from doing similar activities and directly sharing most aspects of life?

How do capitalists and socialists mutually criticize one another?