SOCI-1015EL Lecture Notes - Lecture 13: Planned Economy, Oligopoly
20 Jun 2018
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Sociology Final Exam
Module 4 — Chapter 13
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 the economy that processes raw materials
(from the primary sector) into finished goods.
Tertiary Sector Production: the sector of the economy that is involved in the provision of
services rather than goods.
Capitalism: 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.
Labour Union: a group of employees who join together to bargain with an employer or a
group of employers over wages, benefits and working conditions.
Corporations: large-scale organization that have legal powers, such as the ability to
enter into contract and buy & sell property, separate from their individuals owners.
Transnational Corporations: large corporations that are headquartered in one country
but sell and produce goods and services in many countries.
Oligopoly: a condition existing when several companies overwhelmingly control an
entire industry.
Shared Monopoly: a condition tat exists when 4 or fewer companies supply 50% or
more of a particular market.
Conglomerate: a combination of businesses in different commercial areas, all of which
are owed by one holding company.
Interlocking Corporate Directorates: members of the bored of directors of one
corporation who also sit on the board(s) of other corporations.
Socialism: an economy system characterized y public ownership of the means of
production, the pursuit of collective goals, and centralized decision making.
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Document Summary
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 the economy that processes raw materials (from the primary sector) into nished goods. Tertiary sector production: the sector of the economy that is involved in the provision of services rather than goods. Capitalism: an economic system characterized by private ownership of the means of production, from which personal pro ts can be derived through market competition and without government intervention. Labour union: a group of employees who join together to bargain with an employer or a group of employers over wages, bene ts and working conditions. Corporations: large-scale organization that have legal powers, such as the ability to enter into contract and buy & sell property, separate from their individuals owners.
