Chapter 16 - The Economy & Work - pp.374-398

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The Economy & Work – Chapter 16 05/11/2010 15:26:00
The Economy: Historical Overview
Economy - The social institution that organizes the production, distribution, and
consumption of goods and services
Agricultural Revolution
Hunters and gatherers had technologically simple societies with no distinct economy
This revolution allowed the economy to bring in agricultural techonology, specialized
work, permanent settlements and trade
Industrial Revolution
Began in mid-1700s
changed the economy in five fundamental ways:
New sources of energy, Centralization of work in factories, Manufacturing and mass
production, Specialization, Wage labour
Post Industrial Economy & Information Revolution
began around the 1950s
based on a shift from industrial work to service work
computer technology
Sectors of The Economy
Primary -part of the economy that draws raw materials from the natural
environment
www.notesolution.com
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Document Summary

The social institution that organizes the production, distribution, and consumption of goods and services. Agricultural revolution: hunters and gatherers had technologically simple societies with no distinct economy, this revolution allowed the economy to bring in agricultural techonology, specialized work, permanent settlements and trade. Industrial revolution: began in mid-1700s, changed the economy in five fundamental ways: New sources of energy, centralization of work in factories, manufacturing and mass production, specialization, wage labour. Post industrial economy & information revolution: began around the 1950"s, based on a shift from industrial work to service work, computer technology. Primary -part of the economy that draws raw materials from the natural environment www. notesolution. com. Secondary - part of the economy that transforms raw materials into manufactured goods. Tertiary - part of the economy that involve services rather than goods. Global economy - expands economic activity that crosses national borders. Economic systems: paths to justice: economic systems make a statement about justice: who is entitled to what.

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