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| System of international economic relationships in which all countries participate |
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| The growth of a worldwide economic, political, and social system. Problems include world poverty and global pollution. |
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| Economic system in which the government owns and controls all the major economic institutions. |
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| Characterized by private property, profit orientation, and a competitive market for goods and labor. |
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| Wrote The Wealth of Nations, which detailed free-market capitalism. |
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| Can artificially control the marketplace. |
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| capitalist system emphasizing free markets and has relatively few restrictions on corporate power. |
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| capitalist system in which corporate elites and working class share power |
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| state has high degree of independent political power and influence over the economy |
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| Designed to protect free competition in marketplace |
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| control of a market or an entire industry by a single firm |
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| Control of an entire market or industry by a few large corporations |
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| Percentage of Americans owning stock |
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| Small group of people in America that run the economy through corporations |
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| Results of multinational corps |
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| Bad in some nations, good in the Asian ones. Extreme loss of US jobs |
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| Collusion by several companies to cut competition and set uniformly high prices |
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| Major employer, regulator of economic activities |
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| Termination of government economic controls and regulations |
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| Amount of money govt spends in excess of amount it receives |
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| Struggle against competitors, low financial reserves, high taxes, few benefits, no bailout. |
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| Reasons for changes in workforce |
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| Number of workers in farms has declined. Automation and foreign products cause shift into service occupations, Women in the workforce. |
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| 20% of workforce, 40% less than full time |
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| Functionalist perspective on economy |
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| Economic system produces and distributes commodities society needs. Sometimes parts run faster than others, and mess up. New cogs destabilize old machinery. Specific, limited cures. |
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| Conflict perspective on economy |
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| Groups benefit to the detriment of others, this changes over time. (Marxist Theory) |
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| Interactionist perspective on economy |
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| form of social organization characterized by a division of labor, hierarchy of authority, set of formal rules, impersonal enforcement of rules, job security |
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| The tendency of bureaucracies to substitute informal goals for the official objectives of the organization |
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| People who believe that industrial nations are ruled by a small elite class. C. Wright Mills: The Power Elite |
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| People who believe that decision in industrialized nations are made by a democratic process involving changing coalitions among many different interest groups |
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| Those who believe that the structure of capitalist society forces the government to support and protect the interests of a privileged few. |
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| Activities of special interest groups intended to influence government decision makers |
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| Ethical dilemma that occurs when an officeholders official duty and his or her personal interests conflict |
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| Mostly at state and local levels, often involving zoning changes and award of contracts |
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| Military industrial complex |
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| powerful interest group formed by military and civilian corporations that supply it with services, materials, and equipment |
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| Functionalist Perspective on govt |
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| 5 basic functions: enforce social norms, maintains order, planning and direction of society, deal with social needs, handling international relations. Tougher laws to reduce unnecessary secrecy and to protect civil liberties. Against govt. |
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| Conflict Perspective govt |
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| Promotes those who control it. Class strife. Stronger voice to common man and women. |
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| Interactionalist Perspective govt |
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| Concerned about everyday cynicism. Political socialization. |
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