SOCA01H3 Study Guide - Final Guide: Glocalization, Modernization Theory, Co-Determination
Document Summary
Economy: economy is the social institution that organizes the production, distribution and exchange of goods and services. Primary: raw natural resources such as farming, fishing, logging, and mining. Agricultural revolution: the use of tools to herd cattle and grow plants as well as the domestication of animals to aid in these endeavours (dogs herding cattle and oxen pulling plows) Industrial revolution: made manufacturing the dominant economic sector. Based on the production of finished goods and trade in markets. Markets are social relations that regulate the exchange of goods and services with the price based on supply and demand. Productivity: amount of goods produced per every hour worked. Prevalence of service industry and use of technology to displace factory workers. Bad jobs: defined as having low wages, leaving workers with minimal sense of dignity, being dangerous, being physically uncomfortable and having few prospects of promotion.
