SOCA02H3 Chapter Notes - Chapter 13: Social Inequality, State Ownership, List Of Auto Parts
Document Summary
Economy - the institution that organized the production, distribution, and exchange of goods and services. Each economic sector rose to dominance through a revolution in the way people work: the agricultural revolution. Ten thousand years ago, nearly all humans lived in nomadic tribes. People in the fertile valleys began to herd cattle and grow plants by using simple hand tools. Farmers invented the plow (by attaching plows to large animals, they substantially increased the land under cultivation) Productivity the amount of goods and services produced for every hour worked: the industrial revolution. International exploration, trade, and commerce helped stimulate the growth of markets from the fifteenth century on. Markets social relations that regulate the exchange of goods and services. In a market, the prices of goods and services are established by how plentiful they are (supply) and how much they are wanted (demand)
