Work
the activity by which people produce from the natural world and so ensure their survival
Occupation
any form of paid employment in which an individual regularly works
Economy
the system of production and exchange that provides for the material needs of individuals living in a given society
Technology
the application of knowledge of the material world to production; the creation of material instruments (such as machines) used in human interaction with nature
Informal Economy
economic transactions carried on outside the sphere of orthodox paid employment
Division of Labor
the specialization of work tasks, by means of which different occupations are combined within a production system
Economic Interdependence
the fact that in the division of labor, individuals depend on other to produce many or most of the goods they need to sustain their lives
Taylorism
a set of ideas, also referred to as "scientific management,"
developed by Fredrick Winslow Taylor, involving simple, coordinated operations in industry
Fordism
the system of production pioneered by Henry Ford, in which the assembly line was introduced
Alienation
the sense that our own abilities as human beings are taken over by other entities
Low-Trust Systems
organizational or work setting in which people are allowed little responsibility for, or control over, the work task
High-Trust Systems
organization or work setting in which individuals are permitted a great deal of autonomy and control over the work task
Strike
a temporary stoppage of work by a group of employees in order to express a grievance or enforce a demand
Union Density
a statistic that represents the number of union members as a percentage of the number of people who could potentially be union members
Capitalism
an economic system based on the private ownership of wealth, which is invested and reinvested in order to produce profit
Corporations
business firms or companies
Entrepreneur
the owner/founder of a business
Monopoly
a situation in which a single firm dominates in a given industry
Oligopoly
the domination of a small number of firms in a given industry
Family Capitalism
Capitalistic enterprise owned and administered by entrepreneurial families
Managerial Capitalism
capitalistic enterprises administered by managerial executives rather than by owners
Welfare Capitalism
practice in which large corporations protect their employees from the vicissitudes of the market
Institutional Capitalism
capitalistic enterprise organized on the basis of institutional shareholding
Transnational or Multinational Corporations
business corporations located in two or more countries
International Division of Labor
the specialization in producing good for the world market that divides regions into zones of industrial or agricultural production or high or low skilled labor
Automation
production processes monitored and controlled by machines with only minimal supervision from people
Post-Fordism
a general term used to describe the transition from mass industrial production, characterized by Fordist methods, to more flexible forms of production favoring innovation and aimed at meeting market demands for customized products
Global Outsourcing
a business practice that sends production of materials to factories around the world
Flexible Production
process in which computers design customized products for a mas market
Knowledge Economy
a society no longer based on primarily on the production of material goods but instead on the production of knowledge
Portfolio Workers
a worker who possesses a diversity of skills or qualifications and is therefore ale to move easily from job to job