SOCA02H3 Lecture Notes - Scientific Management, Deskilling, Rideau Canal
Document Summary
Economy: institution that organizes production, distribution and exchange of goods and services. Markets social relations that regulate exchange of goods and services. Prices of goods and services established by how plentiful they are (supply) and how much they are wanted (demand) The more specialized the work tasks in a society, the greater the division of labour. Conventionally, analysts divide the economy into 3 sectors: primary sector-includes farming, fishing, logging, and mining, secondary sector-where raw materials are turned into finished goods, and where manufacturing takes place, tertiary sector. Services include the work of nurses, teachers, lawyers, hairdressers, computer programmers. Often, the 3 sectors are called agricultural, manufacturing, and service sectors respectively. Agricultural revolution-began 10,000 years ago when people established permanent settlements and started herding and farming -led to soaring productivity. Industrial revolution-began 220 years ago when machines, such as steam engine, railroads and other technological innovations greatly increased ability of producers to supply markets.
