Chapter 16: the economy and work: chapter examines the economy, explores the character of work and explains some of the consequences of the emerging global marketplace for canadians. The economy: historical overview: economy: social institution that organizes society"s production, distribution and consumption of goods and services, goods: commodities ranging from necessities to luxury items. Services: activities that benefit others: economy operates in a generally predictable manner. The agricultural revolution: earliest human societies were made up of hunters and gatherers, technologically simple societies, no distinct economy, new agricultural economy was created when people harnessed animals to plow which was more. Production and consumption took place within the family productive than hunting and gathering: many took on specialized work. Four factors tat made the economy a distinct social institution: agricultural technology, job specialization, permanent settlements and trade. The industrial revolution: mid 1700s, development of industry was even more powerful in bringing change to economy. First in england and then in north america.