Exam 13: The Economy and Work in Global Perspective

According to the Census Profiles in your text,a majority of U.S.jobs are in what sector of employment?

Labor refers to the group of people who contribute their physical and intellectual services to the production process in return for wages that they are paid by firms.

Apply the functionalist perspective on economy and work in the United States.

The text points out that colleges of pharmacy in many universities have fought against____________________________by upgrading the degrees awarded to pharmacy graduates from the traditional B.S.in pharmacy to a Ph.D.

Karl Marx referred to the propensity of capitalists to maximize profits by reducing wages as the ,which he believed to be one of the inherent contradictions of capitalism that would produce its eventual downfall.

In advanced______________(1940-present),ownership and control of major industrial and business sectors have become increasingly concentrated.

In Sweden,all residents have health insurance,housing subsidies,child allowances,paid parental leave,and day-care subsidies.National insurance pays medical bills associated with work-related injuries,and workplaces are specially adapted for persons with disabilities.

Subcontracted work is another form of contingent work that often cuts employers' costs at the expense of workers.Instead of employing a large work force,many companies have significantly reduced the size of their payrolls and benefit plans by subcontracting.

Government intervention in the past two decades included billions of dollars in subsidies to farmers,tax credits for corporations,and large subsidies or loan guarantees to automakers,aircraft companies,railroads,and others.Overall,most corporations have gained much more than they have lost as a result of government involvement in the economy.

According to the______________perspective,the economy is a vital social institution because it is the means by which needed goods and services are produced and distributed in a society.

Describe the functionalist perspective on economy and work in the U.S.

The______________made it illegal for a person to sit simultaneously on the boards of directors of two corporations that are in direct competition with each other.

______________ includes a wide range of activities,such as fast-food service,transportation,communication,education,real estate,advertising,sports,and entertainment.

From a______________perspective,business cycles are the result of capitalist greed.In order to maximize profits,capitalists suppress the wages of workers.As the prices of products increase,workers are not able to purchase them in the quantities that have been produced.

When fewer goods are produced,workers are laid off,credit becomes difficult to obtain,and people cut back on their purchases even more,fearing unemployment.Eventually this produces a distrust of the economy,resulting in______________,which is a decline in an economy's total production that lasts six months or longer.

As automobile and steel plants shifted to mass production,workers perceived that their needs were not being met.In 1935,the______________was established to represent both skilled and unskilled workers in entire industries such as automobile manufacturing.

______________ are based on the right of individuals to own income-producing property,such as land, water,mines,and factories,and the right to "buy" people's labor.

______________ are essential in contemporary bureaucracies,where work is highly specialized and authority structures are hierarchical.

Today,many corporations are global in scope.Universal corporations are large corporations that are headquartered in several countries but sell and produce goods and services in only one country.

In high-income nations today,many of the goods and services that we consume are information goods.Examples of information goods and services include: