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Chapter 16-lecture.docx

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University of Guelph
SOC 1100
Linda Gerber

The Economy and Work Money Makes the World Go Round  The economy o “The social institution that organizes the production, distribution, and consumption of goods and services” o Supported by ideology, left and right o Global o economic health measured by  job creation (Alberta, Ontario) – recent losses  unemployment rate (5%, AB 3% in 06) o value of our currency o housing starts, real estate activity o retail sales (especially pre-Christmas) o productivity (goods and services produced per hour of work)  The agricultural revolution (increased productivity)- changed everything o harnessing animals to the plow o production, distribution, and consumption were part of family life, “cottage economy” (cottage ecnonomy= home.) o Currencies (money) replaced barter for exchange  This allowed for the industrial revolution o New forms of energy o Centralization of work in factories o Manufacturing and mass production o Specialization o Wage labour o Globalization starts here (expanded trade–exports) Information revolution = postindustrial society  Postindustrial economy = “a productive system based on service work and extensive use of information technology”  From tangible products to ideas  From mechanical skills to literacy skills  The decentralization of work away from factories o A new “cottage economy”  Increased globalization o Capital o Manpower o Knowledge Sectors of the economy  Primary sector o the part of the economy that generates raw materials directly from the natural environment (ex: farmer, minor, fis
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