SOC100 Study Guide - Final Guide: Economic System, Tim Hortons, Laissez-Faire

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Document Summary

Government and economy: power: is the ability to exercise one"s will over others even if they resist, force. Involves the actual or threatened use of coercion to impose ones will on others: influence. The exercise of power through a process of persuasion: authority. Is institutionalized power that is recognized by the people over whom it is exercised. Is usually accepted because it is how things have always been done: traditional, monarchy, rational-legal, formally agreed upon rules the rules rule. Bureaucracy: things don"t always make sense but they are done that way because that is what the rules say, charismatic, cult leaders. It is the personal qualities as leaders that gives them authority: eg. Is a system in which the means of production are held largely in private hands and the main incentive for economic activity is the accumulation of profit.