Economy
The social institution which organizes the ways in which society produces, distributes and consumes goods and services
Goods
Objects which have an economic value to others, whether they are basic necessities we need to survive, or things we simply want
Services
Economically productive activities that do not result directly in a physical product; they can be relatively simple, or quite complex
Mass production
The large-scale, highly standardized manufacturing of identical commodities on an assembly line.
Reserve army of labor
A pool of job seekers whose numbers outspace the available positions and who contribute to keeping wages low and conditions of work tenous
Scientific manangement
A practice which sought to use principles of engineering to reduce the physical movements of workers in order to increase productivity.
Causes workers to become increasingly "Deskilled
Automation
The replacement of human labor by machines in the process of manufacturing
Unemployed
People who are jobless, but have actively searched for work in the prior 4-weeks and are available for work
Not in the labor force
When people are neither officially employed or officially unemployed
Marginally attached to the labor force
Persons who would like to work and have searched actively for a job in the past 12 months
Emotional labor
The manangement of feelings or emotions to create a publicly observable facial and bodily display in return for a wage
Capitalism
An economic order characterized by the market allocation of goods and services, production for private profit and private ownership of the means of producing wealth
Public sector
Jobs are linked to the government and encompass production or allocation of goods and services for the benefit of the state and its citizens
Private Sector
Provides goods and services to the economy and consumers; its primary motive is profit
Communism
A type of economic system without private ownership of the means of production and theoretically, without economic classes or economic inequality
Socialism
When the government owns and operates everything which produces wealth and redistributes that wealth through wages and services
Work
Any human effort which adds something of value to the goods and services which are available to others
Barter economy
Based on the exchange of goods and services with others in the community, rather than money
Formal Economy
All work-related activities which provide income and ARE REGULATED BY GOVERNMENT AGENCIES.
Informal Economy
Income-generating economic activities which escape regulation by the governmental institutions that ordinarily regulate similar activities
Means of consumption
Things which make it possible for consumers to acquire goods and services and, at the same time, foster their control and exploitation as consumers
Shallow economies
Pre-Globalization.... a specific economy dealing with itself
Deep Economies
Globalization... economies which rely on others.