SOC 3470 Chapter Notes - Chapter 10: Mixed Economy, Decision-Making, Outsourcing
4 Dec 2016
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Changes as a result of the shift from older technology to new. Lower % of farmers faster/more efficient production of goods. Changes in gnp = best way to measure the magnitude of technological advance. Reduced the need for and cost of labor. Advances in communication and transportation technology have made it easy to sustain economic ties between countries. No nation can afford to isolate itself. Change from chief economic activity of agriculture based in rural areas to factories in cities and towns. As production increased, so did surplus and the standard of living. Shift from labor intensive to capital intensive. Education, health care, police, fire, government, retail. Increase of female employment outside of the household. Growth in the size of organizations of employment. Due to tech advancements and size growth. Due to bad conditions/lack of job security. Market = producers freely exchange, supply and demand. 3 main defects of pure market economies.
