SOCY100 Chapter 8 – Flashcards

Places where buyers and sellers exchange goods and services. They are the foundation of economic life today.

Composed of ties between people: family, friends, colleagues, classmates, etc.

Markets need social ties to establish the trust necessary to carry out economic exchanges. Also to spread information about markets.

Auditing firms may produce reports that show a company's finances incorrectly to get more investors. Insider trading. High frequency traders who have good technology are at an advantage.

A group engaged in a specific activity that has an identifiable purpose or goal and that has an enduring form of association that is independent of the people involved in it at any one moment.

Organization where rules are written down and defined roles are clear.

Advantages: Provides strength and stability Disadvantages: Creates stifling routines and boring jobs. Makes it hard for organizations to be more innovative and adapt to market changes.

Coercive: organizations are pressured to comply with certain legal requirements Normative: organizations respond to pressures exerted over its legitmacy Mimetic: facing uncertainties, organizations look at what other organizations are doing and copy them.

Steady process in which jobs are made simpler and workers become interchangeable.

Autonomy (freedom) Status Trust Level of skill and importance of credentials needed. Job security