Exam 13: The Economy and Work in Global Perspective

___________ occurs as a result of lower rates of production during recessions in the business cycle; a recession is a decline in an economy's total production that lasts at least six months.

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.

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

__________ are large-scale organizations that have legal powers,such as the ability to enter into contracts and buy and sell property separate from their individual owners.

Professions are high-status,knowledge-based occupations that have five major characteristics: abstract,specialized knowledge; autonomy; self-regulation; authority; and altruism.

__________ are tangible objects that are necessary (such as food,clothing,and shelter) or desired (such as DVDs and electric toothbrushes).

__________ are categories of jobs that involve similar activities at different work sites.

Describe socialism from the contemporary world economic system perspective.

Describe the symbolic interactionist perspective on economy and work in the United States.

__________ combines elements of a market economy (capitalism) with elements of a command economy (socialism).

In relation to the social organization of work,compare occupations and professions.

Contingent work is part-time work,temporary work,or subcontracted work that offers advantages to employers but that can be detrimental to the welfare of workers.

Discuss the global economy in the future.

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.

Apply the conflict perspective to economy and work in the United States.

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.

Identify the occupational categories considered to be marginal jobs and explain why they are considered to be marginal.

__________ is an economic system characterized by private ownership of the means of production,from which personal profits can be derived through market competition and without government intervention.

According to __________ theorists,work is an important source of self-identity for many people; it can help people feel positive about themselves,or it can cause them to feel alienated.

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.