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SOCI1301 Chapter 12

The economy first became a distinct social institution during which historical stage of technological development?
agrarian societies

The postindustrial economy is defined by
service work and computer technology

What sector of the economy generates raw materials directly from the natural environment?
primary sector

In the United States, about what percentage of the labor force performs tertiary sector work?
80%

The social thinker whose ideas supported the operation of a free market economy most was
Adam Smith

In the United States about what share of the population aged sixteen and older is in the paid labor force?
59%

Which of the following concepts refers to the formal organization that directs the political life of a society?
government

People who attract followers, including Mahatma Gandhi and Martin Luther King, display
charismatic authority

The concept “authoritarian” refers to a political system that
denies most people participation in government

The National Rifle Association is an example of a(n)
special interest group

The economy is the social institution that guides
the production of goods and services.
the distribution of goods and services.
the consumption of goods and services.

Building houses and making cars are examples of production in which economic sector?
the secondary sector

Which of the following factors is a result of the globalization of the economy?
certain areas of the world specialize in one sector of economic activity
Industrial jobs in the United States are being lost to other countries.
More and more products pass through several nations before reaching the consumer.

Socialist economies differ from capitalist economies by
creating more economic equality

The largest 2,582 corporations, each with assets exceeding $2.5 billion, represent about what share of all corporate assets in the United States?
81%

Modern societies, including the United States, rely mostly on which type of authority?
rational-legal authority

In which type of political system does power reside in the hands of the people as a whole?
democracy

In the 2008 U.S. presidential election, about what share of registered voters actually cast a vote?
63%

The Marxist political-economy model suggests that
an anti democratic bias is built into the capitalist system.

Which of the following wars resulted in the highest loss of life to
Civil War

Social Institution
a major sphere of social life, or societal subsystem, organized to meet human needs.

economy
the social institution that organizes a society’s production, distribution, and consumption of goods and services

postindustrial economy
a productive system based on service work and computer technology.

primary sector
the art of the economy that draws raw materials from the natural environment

secondary sector
the part of the economy that transforms raw materials into manufactured goods.

tertiary sector
the part of the economy that involves services rather than goods.

global economy
economic activity that crosses national borders.

capitalism
an economic system in which natural resources and the means of producing goods and services are privately owned

socialism
an economic system in which natural resources and the means of producing goods and services are collectively owned.

welfare capitalism
an economic and political system that combines a mostly market based economy with extensive social welfare programs.

state capitalism
an economic and political system in which companies are privately owned but cooperate closely with the government.

corporation
an organization with a legal existence, including rights and liabilities, separate from that of its members

conglomerate
a giant corporation composed of many smaller corporations

monopoly
the domination of a market by a single producer

oligopoly
the domination of a market by a few producers.

labor unions
organizations of workers that seek to improve wages and working conditions through various strategies, including negotiations and strikes.

profession
a prestigious white-collar occupation that requires extensive formal education

politics
the social institution that distributes power, sets a society’s goals, and makes decisions.

power
the ability to achieve desired ends despite resistance from others.

government
a formal organization that directs the political life of a society.

authority
power that people perceive as legitimate rather than coercive.

traditional authority
power legitimized by respect for long established cultural patterns.

rational-legal authority
power legitimized by legally enacted rules and regulations.

charismatic authority
power legitimized by extraordinary personal abilities that inspire devotion and obedience.

routinization of charisma
the transformation of charismatic authority into some combination of traditional and bureaucratic authority.

monarchy
a political system in which a single family rules from generation to generation

democracy
a political system that gives power to the people as a whole.

authoritarianism
a political system that denies the people participation in government.

totalitarianism
a highly centralized political system that extensively regulates people’s lives.

pluralist theory
an analysis of politics that sees power as spread among many competing interest groups.

power-elite theory
an analysis of politics that sees power as concentrated among the rich.

Marxist political-economy theory
an analysis that explains politics in terms of the operation of a society’s economic system.

political revolution
the overthrow of one political system in order to establish another.

terrorism
acts of violence or the threat of violence used as a political strategy by an individual or a group.

welfare state
a system of government agencies and programs that provides benefits to the population.

war
organized, armed conflict among the people of two or more nations, directed by their governments.

military-industrial complex
the close association of the federal government, the military, and defense industries.

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