SOC 105 Lecture Notes - Lecture 18: Personal Identity, Investment, Scientific Management

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Work: the carrying out of tasks that require the expenditure of mental and physical efforts. Job; is work that is done in exchange for a regular wage, or salary. Economy: the system of production and exchange that provides for the material needs of individuals living in a given society. Capitalism: an economic system based on the private ownership of wealth, which is invested and reinvested in order to produce profit. One of the reason economic institutions are changing is because of technology. Another reason for the economical change is because of globalization, which creates global competition among firms and workers. Housework: traditionally been carried out mostly by women and is unpaid. Division of labor: specialization of work tasks by means of which different occupations are combined within a production system. Economic interdependence: in the division of labor, individuals depend on others to produce many or most of the goods they need to sustain their lives.

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