CHAPTER 12 – Work and the EconomyFill in the BlankSelect the missing terms from each section and place them in the correct blank space.Section 1Capitalism Collective CommunismConglomerate Cooperation CorporationEconomy Exploits GlobalizationHealth Identity IncreasesIndividual Interlocking directorates Jobs Monopoly Oligopoly Private Property Reduce SetSocialism Transnational conglomerates Transnational corporationUsefulness WorkThe ______ is a social institution that determines how a society produces, distributes, and consumes goods and services. ______ is physical or mental activity that accomplishes or produces something. Generally, employment leads to better ______, a sense of accomplishment and ______, and is a major source of social ______. ______ is an economic system in which wealth is in ______ hands and is invested and reinvested to produce profits. The ideal type capitalist system is characterized by: private ownership of ______; competition; profit; and investment. A ______ is domination of a particular market or industry by one person or company. An ______ is a market dominated by a few large producers or suppliers. The companies in an oligopoly often agree to set prices to ______ competition. ______ is an economic and political system based on the principle of the public ownership of the production of goods and services. The ideal type socialist system is characterized by: ______ ownershipof property; ______; no profit motive; collective goals rather than ______ investments. ______ is a political and economic system in which all members of a society are equal. A major economic change in the late twentieth century is ______, the growth and spread of investment, trade, production, communication, and new technology around the world. Proponents argue that globalization ______ economic freedom and democracy and creates ______. Critics contend that globalization ______ poor workers and spreads pollution.______ is socially and legally recognized organization with the goal of making profit. A ______ is a giant corporation that owns a collection of companies in different industries. Many companies and corporations have ______ where the same people serve on the boards of directors of several companies or corporations. A ______ is a large company that is based in one country but operates across international boundaries. The most powerful corporations are ______, corporations that own a collection of different companies involved in various industries in a number of countries.CHAPTER 12 – Work and the EconomyFill in the BlankSelect the missing terms from each section and place them in the correct blank space.Section 2Appreciated Cheap Contingent Declined Decreased DeindustrializationDiscouraged Downsizing DropoutsEconomy Globalization GrowImportant Laid off Low skillLow-paying Offshored OffshoringPower Promoted ShiftShort-term Underemployed Unemployed Vacation WeakenedMillions of Americans use credit cards to purchase products they don’t need or can’t afford. This is partly the result of major economic and social changes, such as globalization and ______, the loss of manufacturing and industrial activity.______ increased deindustrialization in Western countries because people in developing countries workfor much lower wages than those in Western countries. Globalization, deindustrialization, and ______ (sending work or jobs to another country to cut a company’s costs at home) have ______ labor unions. Labor unions, especially in blue collar occupations, provided job security, good health benefits, pensions, and annual wage increases due to collective bargaining. Labor union membership has ______ because some workers see their jobs as ______ and hope to be upwardly mobile and many Americans believe that unions aren’t effective or don’t have much ______ because many jobs are offshored. ______ jobs were mainly in blue-collar manufacturing jobs, but increasingly include high-level, well-paid information technology (IT) jobs. Proponents argue that offshored jobs are ______ jobs and that offshoring allows Americans to buy ______ products and services. Opponents of offshoring argue that losing jobs is bad for the ______ and it causes higher costs to unemployment and other social services.Across the country, many Americans are struggling to survive. They have adopted a variety of techniques, including taking ______ jobs (when adjusted for inflation, the new federal minimum wage is about 18 percent lower than the minimum wage between 1961 and 1981), working nonstandard hours (______ work) and working part time. If these strategies fail, they become ______. ______ workers have temporary jobs. They are more likely than permanent workers to be high school ______. Another way for employers to cut costs is ______ (firing large numbers of employees at once). ______ workers are unemployed people who want a job and have looked for work in the preceding year but have not searched in the past four weeks because they have given up. ______ workers are people who have part-time jobs but want full-time work or whose jobs are below their experience, skill, and education level. Job satisfaction has ______, especially in low-skilled manual and service jobs; job satisfaction is higher when workers feel they are ______, trusted, and respected, have opportunities to ______ professionally, have a boss who is fair, and feel that their work is ______. These factors don’t cost the employer any money. The United States is the only industrialized nation in the world that doesn’t legally guarantee workers a paid ______. Even when Americans get vacation time, many of them don’t take all the time they’ve earned. They have too much to do on the job, fear being ______, or worry about not being
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