question

market

answer

any setting in which buyers and sellers engage in exchange

question

central planning

answer

an economy in which governments plan the amount of goods to be produced and their price for consumers employed in socialist economies in Eastern Europe

question

capitalism

answer

an economic system organized around private property and market exchange characterized by economic systems based on private property and market exchange

question

socialism

answer

an economic system where the government owns some of most of all productive enterprises, and makes decisions about the amount and types of goods and services to be produced found in economic system where government owns property and controls production

question

entrepreneurs

answer

one who invests money in a business (outsourcing)

question

rational choice perspective

answer

a perspective and social and economic theory that emphasizes the centrality of individual decision making based on how individuals think about their well being and how best to advance it

question

social networks

answer

the ties or connections between people, groups, and organizations involve connectivity between people integral part of market exchanges

question

organization

answer

a social group or social network that is unified by a common institutional structure, such as a government agency, a school, a business firm, the military, or a religion group engaged in specific activity that has identifiable purpose or goal and that had enduring for an association

question

bureaucracies

answer

a type of organization that has rules and responsibilities for each position or job spelled out, in which selection into those positions occurs on the basis of merit

question

garbage can model

answer

a type of decision making in organizations where problems and solutions are addressed unsystematically and haphazardly downside of bureaucracies

question

loose coupling

answer

an organizational environment in which those at the top do not have control over the activities and decisions underneath them downside of bureaucracies

question

structural inertia

answer

the extent to which an organizations rules and routines are relatively fixed and difficult to change

question

niche

answer

a unique place or opportunity that can be profitably filled by someone or some group

question

organizational isomorphism

answer

the process by which similar organizations adopt similar rules and procedures Organizations in same field tend to become increasingly similar to each other over time (DiMaggio and Powell 1983)

question

coercive isomorphism

answer

similarities between organizations that arise out of legal or other requirements. Organizations become similar because they have no choice (ADA compliance)

question

normative isomorphism

answer

the process of organizations becoming similar because of a widespread belief among their members and the members of similar organizations that they should adopt certain rules and procedures (expectations of people organization severs)

question

mimetic isomorphism

answer

the tendency of similar organizations to adopt the same kinds of rules and procedures in belief that what works for one organization should work for others imitating parts of organizations visible in environment)

question

division of labor

answer

the specialization of individuals in any organizations or group, or in society as a whole, particularly in relation to work

question

Industrial Revolution

answer

the period in which mass production in factories began to develop and fostered rapid economic growth

question

labor process

answer

the organization of work, in terms of the relationship between workers and employers, the way specific work tasks are structured and performed, and the technologies and organizational environments in which the work is performed

question

deskilling

answer

the process of breaking down the tasks involved in the production of goods or services into parts that can be done by someone with specialized training lose authority over the production process

question

autonomy

answer

in work, the power to decide what and how one performs one's daily tasks, free of close supervision

question

unions

answer

an organized association of workers created in order to protect and fight for rights or resources for their members Power to negotiate, monitor working conditions and ensure regulation compliance

question

lean production

answer

a term used to describe the efforts of economic organizations in recent years to achieve more efficiency by constantly scrutinizing and reducing costs in every way possible continually identifies and constantly reduces costs

question

outsourcing

answer

common in globalization, refers to the contracting of parts of the production process to another party, possibly located abroad

question

social democratic model

answer

a system of organizing production and the economy that combines features of socialism and capitalism, provides workers with far greater protection against mistreatment and arbitrary layoffs

question

social stratification

answer

a subfield of sociology that examines inequalities among individuals and groups

question

inequality

answer

the unequal distribution of valued goods and opportunities in society

question

median

answer

a statistical term that refers to the value that lies at the middle or midpoint of all data, with an equal number of cases with either higher or lower values

question

income

answer

the receipt of money or goods over a particular accounting period

question

wealth

answer

the net value of all assets owned by an individual or family, including the value of their home

question

net financial assets (NFA)

answer

the total value of savings, investments, and other convertible assets a person has, minus any debts, and excluding one's primary home savings, investments, and other convertible assets

question

consumption

answer

the act of purchasing and using goods and services

question

well being

answer

the different dimensions of life that are essential to our everyday lives. health, exposure to crime and violence, exposure to environmental risks like air or water pollution, and one's general level of happiness

question

middle class

answer

a group of people who occupy the middle positions in terms of income and status in an economic system home mortgages (personal bank), colleges, cars and more

question

socioeconomic status (SES)

answer

a broad definition of a person's social class based on components such as education, income and occupation

question

egalitarian

answer

a society, organization, or group characterized by having little or very low levels or inequality

question

skill based technical change (SBTC)

answer

the ways in which technological advancements create jobs that require high skill

question

globalization

answer

the growing permeability of national borders and the increase in flows of goods, services, and people across national borders

question

economic restructuring

answer

changes in the way the economy, firms, and employment relations are organized

question

productivity

answer

the amount of output an individual is able to produce in a given period of time

question

progressive tax system

answer

a tax system in which tax rates are higher on richer people than poorer people, with the idea being that it is fairer to ask those who can afford to pay more to do so

question

minimum wage

answer

established by law, the lowest hourly wage a worker can by paid working poor gets minimum wage

question

labor markets

answer

the process through which employers identify and hire individuals to work under specified terms of employment

question

meritocracy

answer

a system where rewards and positions are distributed by ability, not social background or personal connection

question

poverty line

answer

established by the government, it is the minimum income necessary to afford basic necessities, anyone below this threshold is considered to be in poverty absolute poverty

question

relative poverty

answer

a term used to define people as poor not by assessing whether their resources are sufficient enough to obtain basic social necessities but rather by comparing their incomes relative to other people in society attempts to capture changes in living standards

question

absolute poverty

answer

a measure of the minimum requirements needed for people to have basic standards of food, clothing, health, or shelter

question

working poor

answer

people who do not make enough income to be free from poverty, even if they work full time

question

homelessness

answer

an extreme form of poverty defined by lack of permanent shelter to live in average age is 9 40% is children under 18

question

who is in the 1% of america society?

answer

bottom 30% lowest classof worlds population; top 1% controls 32% of population

question

key determinants of poverty

answer

1 out of 6 live in poverty; Education< less than HS Employment status- minimum wage Minority status- disproportionately represented Family structure- Single parents

question

percents

answer

in 2o13 45.3mill poverty 43.6% children under 18 27.3% people 18-64 17.6% people 65+ 3/10 families are working poor 2-12 years on HUD waiting list 47mill are on food stamps

question

orgs shaped by environment?

answer

Creating good match to initial environment and a subsequent structural inertia (Hannan and Freeman, 1989) -Identifying and fulfilling niche for services or products in competing environments -Identifying and persuading potential donors

question

orgs in a similar field become similar over time, why?

answer

DiMaggio and Powell 1983) isomorphisms

question

features of "good" job and job satisfaction?

answer

Worker satisfaction, rate of pay, Amount of autonomy, status, amount of trust, level of skills and credentials, job securing

question

organization of work in US vs. other countries

answer

Comparing work in America with Similar Countries Capitalist market economies -Role of unions -Kind and amount of government laws or regulations Unions -Power to negotiate, monitor working conditions and ensure regulation compliance -Lack of Unions and Lack of Gov. Regulation -Unions- Represent the worker as a group. (10% of total workforce America) -Far fewer governmental regulations than other developed countries -Lean production- continually identifies and constantly reduces costs

question

Markets involve exchanges among which three principal classes of economic actors?

answer

buyers, producers and sellers

question

socialism is _____

answer

An economic system where the government owns property and controls production

question

In classical economics, both sides of a transaction (buyer and seller) are assumed to have

answer

Knowledge about the good or service they are buying or selling

question

Which of the following statements about why organizations persist is false?

answer

Organizations persist because they, especially as they grow, tend to become less bureaucratic

question

Alpha Corporation, which has developed an impermeable shell that protects it from environmental demands, strongly resists change and is said, therefore, to exhibit

answer

structural intertia

question

The better an organization matches its initial environment, _________

answer

The stronger its structural inertia

question

Of the Following higher education institution's, which two are most likely to be in the same niche market

answer

Harvard University and Yale University

question

The average full-time worker in America works _____ per year than the average full-time worker in other similar countries.

answer

more hours

question

In comparison with other countries with advanced economies, the United States has __________

answer

less workplace regulation and weaker labor unions

question

Enrique took pride in his ability to handcraft furniture, enjoying each step in the construction, assembly, and finishing of each piece. When his business failed, he began working at a furniture manufacturing plant, where he was responsible for nailing upholstery to sofa and chair frames. Enrique's experience is an example of __________.

answer

deskilling

question

The concept of __________ is at the heart of the study of social stratification.

answer

social inequality

question

According to class lecture, the average income per person in the United States was about __________.

answer

$44,000

question

According to your textbook, the top 1 percent of the world's population controls _________ percent of the entire world's wealth.

answer

32

question

According to your textbook, the bottom 30 percent of the world's population controls less than __________ percent of the world's wealth.

answer

1

question

According to your textbook, two billion of the world's poor live on less than _____ a day.

answer

$2

question

_____refers to the receipt of money over a period of time, whereas____ refers to the net value of assets that one has at a given point in time

answer

income; wealth

question

the primary way in which most Americans accumulate wealth is through____

answer

home ownership

question

well-being includes all of the following aspects of everyday life EXCEPT_____

answer

loan repayment schedules

question

one justification of inequality cited in class is associated with the desirability of ensuring that___

answer

talented people are properly incentivized

question

as a result of economic restructuring, average wages have___since the 1970s

answer

stagnated

question

the majority of minimum-wage employees are _____

answer

adults

question

in a meritocracy_____

answer

rewards are linked to personal ability

question

critisims of the poverty line include all of the following EXCEPT:

answer

it measures only relative poverty

question

when did homelessness begin to grow into a serious problem in the US?

answer

1980s

question

why is it difficult to get an accurate count of the homeless?

answer

many of the homeless temporarily live with friends or family

question

Patricia works as a sales manager and earns approximately $60,000 a year. She owns her own home and has $20,000 in the bank as an emergency fund. She also owns a rental property, from which she earns $12,000 a year. Which of the following responses best represents her wealth?

answer

her two properties and her $20,000 savings

question

which of the following scenarios best represents outsourcing?

answer

the opening of a call center for an American credit card company in the Phillipines

question

The components of Nike tennis shoes are produced in different parts of the world. The final assembly of the shoes is completed in China. Thereafter the shoes are shipped to the United States, where David purchases a pair at a suburban mall in Denver. Of the following economic phenomena, which does this scenario best represent?

answer

globalization

question

Remington is involved in the Occupy Wall Street movement. He camped out for weeks at a park opposite the statehouse in Columbus, Ohio, and was eventually arrested. Remington, like other protestors, has many concerns about his economic condition, but he likely joined the movement to protest ___________.

answer

the disparity in income and wealth between the top 1 percent of Americans and everyone else

question

Karen is a home care aid. She earns about $10.00 an hour and works 40 hours a week. She is unable to save, and last month her car broke down. She cannot not afford to fix her car, being already late in paying her bill for gas and electricity. From this description of Karen's life, you conclude that she is a member of which class?

answer

the working poor

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