Economic Concepts and Theories Overview
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Questions and Answers

Which of the following best defines the term commodity?

  • An economic system which adheres to the principles of socialism
  • An activity that benefits people, such as health care, education, and entertainment
  • A physical object we find, grow, or make to meet our needs and those of others (correct)
  • A benefit given to those who participate in the capitalist market
  • Which of the following is an example of structural unemployment?

  • Though many companies are hiring in Washington D.C., unemployment is high in Tennessee (correct)
  • John quits his job after getting accepted into law school
  • A large fire burns down an automotive plant in Detroit, forcing the employees temporarily out of work
  • Three sales associates from Target are fired after stealing merchandise from the electronics department
  • During what time period did economies begin to develop globally?

  • The post industrial revolution
  • The industrial revolution (correct)
  • The agricultural revolution
  • The information age
  • What are Terrence and his family engaging in?

    <p>Subsistence farming</p> Signup and view all the answers

    Which of the following is an example of polarization?

    <p>The job market is increasing in the lowest economic levels and is increasing in the highest economic levels</p> Signup and view all the answers

    Which statement about Occupy Wall Street would most align with Jin's sociological perspective?

    <p>Occupy Wall Street is positive; our capitalist economy is only making social inequality grow larger</p> Signup and view all the answers

    What does the term xenophobia mean?

    <p>An illogical fear and even hatred of foreigners and foreign goods</p> Signup and view all the answers

    What is Davis engaging in?

    <p>Bartering</p> Signup and view all the answers

    By 2009, America was in the midst of a?

    <p>Recession</p> Signup and view all the answers

    Which of the following best defines the term globalization?

    <p>The process of integrating governments, cultures, and financial markets through international trade into a single world market</p> Signup and view all the answers

    What was the significance of NAFTA?

    <p>It allowed freer trade opportunities for the United States, Canada, and Mexico</p> Signup and view all the answers

    Apple computers shipping their computer parts to India to be made is an example of a?

    <p>Global commodity chain</p> Signup and view all the answers

    What is Keshawn's experience an example of?

    <p>Outsourcing</p> Signup and view all the answers

    Which of the following best defines the term mercantilism?

    <p>An economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and custom charges</p> Signup and view all the answers

    Which of the following is not an example of underemployment?

    <p>After his wife gave birth to twins, Jerry quit his job to help raise them</p> Signup and view all the answers

    What kind of economy is Alex living in?

    <p>Market socialist</p> Signup and view all the answers

    What is one reason unemployment statistics are unreliable?

    <p>The statistics include only those who are currently looking for work</p> Signup and view all the answers

    Which of the following industries is not projected to experience growth within the United States within the next 10 years?

    <p>Farming, Fishing, and Forestry</p> Signup and view all the answers

    Emile Durkheim described mechanical solidarity as?

    <p>A form of social cohesion that comes from sharing similar work, education, and religion, as might be found in simpler societies</p> Signup and view all the answers

    Which of the following is an example of convergence theory in action?

    <p>Germany rebuilt its economy after World War II, creating more job opportunities and prosperity for its citizens</p> Signup and view all the answers

    Study Notes

    Commodity Definition

    • A commodity is a physical object that is found, grown, or made to fulfill needs.
    • Other definitions include activities that provide benefits (e.g., healthcare) and economic systems like socialism.

    Structural Unemployment Example

    • Structural unemployment occurs when there are job vacancies in one region but high unemployment in another, even with hiring in certain areas.

    Global Economic Development

    • Economies began to develop globally during the industrial revolution, marking a shift in economic practices.

    Subsistence Farming

    • Subsistence farming is characterized by producing just enough food for family consumption and covering taxes, as in Terrence's case in Chile.

    Economic Polarization

    • Economic polarization refers to a growing divide where job availability increases only at low and high economic levels, leaving the middle class affected.

    Conflict Theory Perspective

    • A conflict theorist like Jin would view Occupy Wall Street as a valid response to the increasing social inequality driven by capitalism.

    Xenophobia Definition

    • Xenophobia is defined as an irrational fear or hatred of foreigners and foreign goods.

    Bartering Explained

    • Bartering involves trading goods directly; Davis trading his acoustic guitar for an electric guitar is a classic example.

    Economic Recession Context

    • By 2009, America experienced several quarters of decline, indicating a recession.

    Globalization Process

    • Globalization is defined by the integration of governments, cultures, and financial markets, leading to a single world market through international trade.

    NAFTA Significance

    • NAFTA facilitated freer trade among the U.S., Canada, and Mexico, impacting economic relations.

    Example of Global Assembly Line

    • Apple’s distribution model, where computer parts are shipped to India for assembly, exemplifies a global commodity chain.

    Outsourcing Impact

    • Outsourcing refers to relocating jobs to lower-cost regions, as illustrated by Keshawn losing his IT job in favor of workers in New Delhi.

    Mercantilism Definition

    • Mercantilism is an economic policy focused on accumulating wealth by controlling markets through taxation and colonialism.

    Underemployment Clarification

    • Underemployment results when individuals work in positions below their skill level or part-time when seeking full-time roles.

    Market Economy Classification

    • A market socialist economy incorporates limited private ownership while allowing market forces to influence production decisions.

    Unemployment Statistics Reliability

    • Unemployment statistics may be unreliable because they only count those actively seeking work, missing broader employment issues.

    Non-Growth Industries

    • The farming, fishing, and forestry sectors are not projected to see growth in the U.S. within the next decade.

    Mechanical Solidarity Concept

    • Mechanical solidarity refers to social cohesion derived from shared experiences and similarities in work, education, and religion.

    Convergence Theory Application

    • Convergence theory is illustrated by Germany’s post-WWII economic recovery, which resulted in job creation and prosperity.

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    Description

    Explore key economic concepts and theories, including commodity definitions, structural unemployment, and subsistence farming. This quiz also covers global economic development and the impact of economic polarization, providing a comprehensive overview of contemporary economic issues.

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