Exam 13: The Economy and Work in Global Perspective

__________ is the wealth (money or property) that is owned or used in business by a person or corporation.

__________ refers to an economic and political system that combines private ownership of some of the means of production,governmental distribution of some essential goods and services,and free elections.

__________ are intangible activities for which people are willing to pay (such as dry cleaning,a movie,or medical care).

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

Outline tertiary sector production and the major characteristics of postindustrial economies.

__________ are high-status,knowledge-based occupations.

__________ results from shifts in the demand for workers based on conditions such as the weather (in agriculture,the construction industry,and tourism) or the season (holidays and summer vacations).

The financial meltdown in the United States and around the world was a major concern in 2007 and 2008 during the largest economic slump since:

Compare the sociological perspective on the economy with the study of economics.

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.

Urbanization brought about sweeping changes to the system of production and distribution of goods and services.In postindustrial economies,work becomes specialized and repetitive,activities become bureaucratically organized,and workers primarily worked with machines instead of with one another.

Describe capitalism from the contemporary world economic system perspective.

__________ occurs when workers' needs for self-identity and meaning are not met and when work is done strictly for material gain,not for a sense of personal satisfaction.

Political sociologist Michael Parenti believes that political leaders treat the health of the capitalist economy as a necessary condition for the health of the nation and that the goals of big business (rapid growth,high profits,and secure markets) become the goals of government.This is reflective of the __________ perspective.

Due to the extremely high unemployment rates and the large number of individuals employed part-time due to economic reasons,the __________ began in 2007-2008.

Define socialism and describe its major characteristics.

The collapse of __________ lead to an overall financial crisis in the United States that quickly spread to other nations,causing the world gross domestic product to fall 1.5 percent.

Which of the following statements regarding management in bureaucracies is FALSE?

__________ are large companies that are headquartered in one country but sell and produce goods and services in many countries.

In March 2011,the unemployment rate was __________ percent and the number of people employed part-time for economic reasons was 8.3 million.