SOC 1100 Chapter Notes - Chapter 16: Market Economy, Black Market, Wage Labour

• School: University of Guelph
• Department: Sociology
• Course: SOC 1100
• Professor: Linda Gerber

Document Summary

Economy- the social institution that organized a society"s production, distribution and consumption of goods and services. Post-industrial economy- a productive system based on service work and high technology. Primary sector- the part pf the economy that draws raw material from the natural environment. Secondary sector- the part of the economy that transforms raw material into manufactured goods. Tertiary sector- the part of the economy that involves services rather than goods. Global economy- expanding economic activity that crosses national borders. Capitalism- an economic system in which natural resources are the means of producing goods and services are privately owned. Socialism- an economic system in which natural resources and the means of producing goods and services are collectively owned. Communism- a hypothetical economic and political system in which all members of a society are socially equal. Welfare capitalism- an economic and political system that combines a mostly market- based economy with extensive social welfare programs.