SOC 1101 Lecture 19: Chapter 19 – The Economy and Work
11 Oct 2017
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Document Summary
Tedtalk 2010, auret van heerden making global labor fair. Economy: the social institution that ensures the maintenance of society through the production, distribution and consumption of goods and services. Primary sector production: the sector of the economy that extracts raw materials and natural resources from the environment. Secondary sector production: the sector of economy that processes raw materials (from the primary sector) into finished goods. Corporations: large-scale organization that have legal powers, such as the ability to enter into contracts and buy and sell property, separate from their individual owners. Multi-national corporations: large companies that are headquartered in one country and have subsidiaries or branches in other countries. Oligopoly: the situation that exists when several companies overwhelmingly control an entire industry. 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.
