Economy
Social Institution; ensures the maintenance of society through the production, distribution, and consumption of goods and services
Primary Sector Production
Sector of the economy that extracts raw materials and natural resources from the environment
Secondary Sector Production
Sector of the economy that processes raw materials [from primary] into finished goods
Tertiary Sector Production
Sector of the economy that is involved in the provision of services rather than goods
Capitalism
Economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition and without government intervention
Labor Union
Group of employees who join together to bargain with an employer or a group of employers over wages, benefits, and working conditions
Corporations
Large-scale organizations that have legal powers, such as the ability to enter into contrast and buy and sell property, separate from their individual owners
Transnational corporations
Large corporations that are headquartered in one country but sell and produce goods and services in many countries
Oligopoly
A condition existing when several companies overwhelmingly control an entire industry
Shared monopoly
condition that exists when four or fewer companies supply 50% or more of a particular market
Conglomerate
Combination of businesses in different commercial areas, all of which are owned by one holding company
Interlocking corporate directorates
Members of the board of directors of one corporation who also sit on the board(s) of other corporations
Socialism
Economic system characterized by public ownership of the means of production, the pursuit of collective goals, and centralized decision making
Mixed Economy
Economic system that combines elements of a market economy (capitalism) with elements of a command economy (socialism)
Democratic Socialism
Economic and political system that combines private ownership of some of the means of production, governmental distribution of some essential goods and services, and free elections
Occupations
Categories of jobs that involve similar activities at different work sites
Primary Labor Market
Sector of a labor market that consists of high-paying jobs with good benefits that have some degree of security and the possibility of future advancement
Secondary Labor Market
Sector of labor market that consists of low-paying jobs with few benefits and very little job security or possibility for future advancement
Professions
High status; knowledge-based occupations
Marginal Jobs
Jobs that differ from the employment norms of the society in which they are located
Contingent work
Part-time work, temporary work, or subcontracted work that offers advantages to employers but that can be detrimental to the welfare of workers
Subcontracting
An agreement in which a corporation contracts with other (usually smaller) firms to provide specialized components, products, or services to the larger corporation
Unemployment Rate
% of unemployed persons in the labor force actively seeking jobs