Exam 14: Capitalism and the Economy

A system of payment whereby workers are paid a set amount of money not tied to the quality of the raw materials,accidents,or other exigencies in the production process refers to:

Compare and contrast the theoretical perspectives of the transition to capitalism of two of the following: Adam Smith,Georg Simmel,Karl Marx,Max Weber.How are they similar? How are they different? Which of the two you selected do you believe provides the most useful framework for understanding capitalism,and why?

An increasing number of workers are working from home today.This blurs the line between work and family.Compare how the blurred lines between family and work are similar (or dissimilar)to an economy dominated by small-scale artisan labor/subsistence farming.

The rise of large-scale production,the influx of peasants to urban areas to find work,and the rise of a system of wage labor caused the ________ system to become obsolete in favor of a new system of legal currency.

Some products,such as fitness tracking devices like Fitbit,are economic successes.Because they add value to the overall economy,Adam Davidson refers to them as:

Jenny lives in a society in which there is a strong norm against mixing business with pleasure.Work and leisure activities are physically separate,occurring at different times,on different days,at different places,and often with different people.Jenny lives in a ________ society.

In addition to attracting new workers,Ford's payment system:

George lives in fifteenth-century England.He is bound to the land but does not own it.He works the land but must give a portion of his harvest to the landowner.In return,he gets protection from roaming bandits and thieves.George is a:

In the early days of the new monetary system,stockholders were more willing to invest in corporations because of ________,which limits their financial responsibility to whatever they invested in the company.

What characterized the "new markets" that are part of globalization?

Corporations can dominate the market by offering the lowest prices,thereby attracting the most buyers.List and describe three strategies that corporations use to maximize profits.

One common strategy for attracting the most buyers is:

Adam Smith,the father of liberal economics,determined that groups of individuals pursuing their own self-interest manage to stay intact and not fall into civil strife because individuals:

At the end of the eighteenth century and the beginning of the nineteenth century,a massive transition was propelled by the development of new technologies,including:

Some critics claim that the Carlyle Group uses insider political knowledge,or ________,to dominate heavily regulated markets.

The Bell Telephone Company,which for decades was the only provider of telephone service in the United States,was a(n):

It is sometimes difficult to determine whether large corporations such as the Carlyle Group,or Wall Street overall,are expanding the economy in ways that broaden the economic value available to everyone or just amassing money at other people's expense.Using Adam Davidson's framework,a company that doesn't add value but just rearranges existing dollars for its own benefit is called:

Karl Marx described workers as:

In a capitalist economic system,the price and distribution of goods and services are determined by what?

Under feudalism,lords exchanged land with the vassals in return for what?