Sociology 1020 Lecture Notes - Lecture 16: World Economy, Tertiary Sector Of The Economy, Information Revolution
13 Aug 2016
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Document Summary
Hunting and gathering: no distinct economy, production and consumption took place within the family. New agricultural economy: used animals to plow, 50 times more productive so surpluses were created, allowed some to take on specialized work. Soon towns were created, and a larger trade network was created. 4 factors made the economy a distinct social institution. Post-industrial economy a productive system based on service work and extensive use of information technology. The third technological breakthrough(around 1950): the computer. Three revolutions reflect a shifting balance amount the three sectors of the economy. Primary sector the part of the economy that generates raw materials from the natural environment: ex: agriculture, fishing, forestry, oil, mining, the largest in low-income nations, smallest in high-income countries. Secondary sector the part of the economy that transforms raw materials into manufactured goods: ex: turning medal into tools and automobiles, grows quickly as societies industrialize.
