SOC 153 Chapter Notes - Chapter 14: Stored-Value Card, Debit Card, Subsistence Economy

• School: Miami University
• Department: Sociology
• Course: SOC 153
• Professor: Steven Nelson

Document Summary

Economy: system of producing and distributing goods and services. Subsistence economy: an economy in which human groups live off the lands and have little or no surplus. Conspicuous consumption: veblen"s term for a change from a thrift, saving and investing of the. Protestant ethic to showing off wealth through spending and display of possessions. Post industrial society: 6 stages: a service sector so large that most people work in it, vast surplus of goods, even more extensive trade among nations, wider variety and quantity of goods available to the average person. Medium of exchange: means by which people place value on goods or services in order to make exchange. Meaning to directly trade one item for another. Money: any item that serves as a medium of exchange. Deposit receipts: states the certain amount of goods that are on deposit in a warehouse. Stored value: goods that are stored and held in reserve backup a deposit receipt or currency.