Topics: Capitalism, Unemployment, Socialism Pages: 5 (1027 words) Published: April 6, 2013
Sociologist: Chapter 13

Pg.379.Sharlene Hesse Biber and Greg Lee Carter
Pg.380. Thoristein Veblen
Pg.385.Economist Adam Smith
Pg.386. Sociologist Karl Marx
Pg.390 Conflict Theorist
Pg.390. Karl Marx
Pg.390 Symbolic integrationist
Pg.394. Social Anylets
Pg.403. According Journalist

Chapter 13 Outline:

-Economy is the social institution that ensures the maintence of society -Services are intagangiable….
-Primary Sector Production
-Cottage Industries
-Industrial Economies results from sweeping changesf
-Secondary Sector Production-the processing o raw materials into finished goods. Pg.381
-Conspicuous consumption
-Conspicuous Leisure
-Tertiary Sector Production-the provision of services rather than goods.

* Capitalism and Socialism are the principle economic models * Capitalism is and economic system…..
* Money
* Labor Union is a group of employees who join together…. Pg.383
-Corporations-Large Scale organizations that have legal powers,such ablity to enter into contracts -Sit down Strike
-Transnational Corporations: Large corporations that are headquarters… -Traditional Corporations are not dependent on the labor, capital or technology of any one country… -Pursuit of personal profit: a tenet of capitalism is the belif that people are free to maximize their individual gain through personal profit Pg.384

-During the period of industrial capitalism however,specific individuals and families were primary recipitents. -In advanced (late) monopoly capitalism,profits have become even more concentrated. -Competition: In theory, competition acts as a balance to excessive profits. -Oligopoly:Exists when several companies overwhelmingly control an entire industry. -Shared Monopoly: Exists when four or fewer companies supply 50 percent or more of a particular market. -Across industries:

Pg. 385
-Conglomerates: Combinations of business 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. - Interlocking directorates diminish competition by producing interdependence. -Lack of Government Intervention: Ideally, capitalism works is best without government intervention in the marketplace.

-However much of about what is referred to as government intervention has been in to form of aid… -Overall most corporations have gained much more than they have lost as a result of government involvement in the economy… -Socialism:is economic system characterized by public ownership of the means of production.. -Karl Marx

-Communist Manifesto
-Das Kapital
-Public ownership of the means if production: In a truly socialist economy the means of production are owned and controlled by a collective or the state, not by private individuals or corporations. -China-Previously the world’s other major communist economy-has privatized many state industries. -Pursuit of collective Goals: Socialism is based on the pursuit of collective goals rather than one personal profit. -Centralized Decisions Making: Another tenant of socialism gis centralized decisions making. Pg.388

-Mixed Economies: the economy is capitalist
-Mixed Economy: Combines elements of a market economy (capitalism) with elements of command economy (Socialism) -Democratic Socialism: An Economic and political system that combines private ownership. -Welfare state: A state in which there is extensive government action to provide support..

-Functionalist Perspectives: fuctionalist view the economy as a vital social institution… -Business cycle
-Expansion period

-Conflict theorists have a different view of business cycles the economic system. -Karl Marx referred to the propensity of capitals to maximize profits by reducing wages as falling rate of...
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