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 economy is a social institution that determines how a society produces, distributes, and consumes goods and services. Work is physical or mental activity that accomplishes or produces something. Generally, employment leads to better health, a sense of accomplishment and usefulness, and is a major source of social identity. Capitalism is an economic system in which wealth is in private hands and is invested and reinvested to produce profits. The ideal type capitalist system is characterized by: private ownership of property; competition; profit; and investment. A monopoly is domination of a particular market or industry by one person or company. An oligopoly is a market dominated by a few large producers or suppliers. The companies in an oligopoly often agree to set prices to reduce competition. Socialism 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: collective ownership of property; cooperation; no profit motive; collective goals rather than individual investments. Communism 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 globalization, the growth and spread of investment, trade,production, communication, and new technology around the world. Proponents argue that globalization increases economic freedom and democracy and creates jobs. Critics contend that globalization exploitspoor workers and spreads pollution.A corporation is socially and legally recognized organization with the goal of making profit. A conglomerate is a giant corporation that owns a collection of companies in different industries. Many companies and corporations have interlocking directorates where the same people serve on the boards of directors of several companies or corporations. A transnational corporation is a large company that is based in one country but operates across international boundaries. The most powerful corporations are transnational conglomerates, 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 deindustrialization, the loss of manufacturing and industrial activity.Globalization increased deindustrialization in Western countries because people in developing countrieswork for much lower wages than those in Western countries. Globalization, deindustrialization, and offshoring (sending work or jobs to another country to cut a company’s costs at home) have weakened 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 hasdeclined because some workers see their jobs as short-term and hope to be upwardly mobile and many Americans believe that unions aren’t effective or don’t have much power because many jobs are offshored. 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 low skill jobs and that offshoring allows Americans to buy cheap products and services. Opponents of offshoring argue that losing jobs is bad for the economy 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 low-paying 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 (shift work) and working part time. If these strategies fail, they become unemployed. Contingentworkers have temporary jobs. They are more likely than permanent workers to be high school dropouts. Another way for employers to cut costs is downsizing (firing large numbers of employees at once). Discouraged workers are unemployed people who want a job and have looked for work in the precedingyear but have not searched in the past four weeks because they have given up. Underemployed 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 decreased, especially in low-skilled manual and service jobs; job satisfaction is higher when workers feel they are appreciated, trusted, and respected, have opportunities to grow professionally, have a boss who is fair, and feel that their work is important. 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 vacation. 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 laid off, or worry about not being
View Full Document
Unlocking...