Podcast
Questions and Answers
Which of the following best defines the term commodity?
Which of the following best defines the term commodity?
- 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.
- An economic system which adheres to the principles of socialism.
Which of the following is an example of structural unemployment?
Which of the following is an example of structural unemployment?
- Though many companies are hiring in Washington DC, unemployment is high in Tennessee. (correct)
- Three sales associates from Target are fired after stealing merchandise from the electronics department.
- 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.
During which time period did economies begin to develop globally?
During which time period did economies begin to develop globally?
- The Agricultural Revolution (correct)
- The Industrial Revolution
- The Post-Industrial Revolution
- The Information Age
Terrence and his family own a farm in a remote region of Chile. They farm only enough to produce food for themselves and to pay their taxes. What are Terrence and his family engaging in?
Terrence and his family own a farm in a remote region of Chile. They farm only enough to produce food for themselves and to pay their taxes. What are Terrence and his family engaging in?
Which of the following is an example of polarization?
Which of the following is an example of polarization?
Jin is a conflict theorist sociologist. Which of the following statements about Occupy Wall Street would most align with Jin's sociological perspective?
Jin is a conflict theorist sociologist. Which of the following statements about Occupy Wall Street would most align with Jin's sociological perspective?
The term xenophobia can be best defined as:
The term xenophobia can be best defined as:
Davis is low on cash, but really wants an electric guitar. He offers to trade his acoustic guitar for his friend Bill's electric guitar. Davis is engaging in:
Davis is low on cash, but really wants an electric guitar. He offers to trade his acoustic guitar for his friend Bill's electric guitar. Davis is engaging in:
By 2009, America had suffered several consecutive quarters of economic decline. America was in the midst of a:
By 2009, America had suffered several consecutive quarters of economic decline. America was in the midst of a:
Which of the following best defines the term globalization?
Which of the following best defines the term globalization?
What was the significance of NAFTA?
What was the significance of NAFTA?
Apple computers ship their computer parts to India to be made, and station their tech support in India. This is an example of a:
Apple computers ship their computer parts to India to be made, and station their tech support in India. This is an example of a:
Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead. This is an example of:
Keshawn used to work for an IT company in Baltimore, but lost his job when his company decided to use workers in New Delhi instead. This is an example of:
The term mercantilism can best be defined as:
The term mercantilism can best be defined as:
Which of the following is not an example of underemployment?
Which of the following is not an example of underemployment?
Alex's country was once communist, but now allows limited private ownership of companies. What kind of economy is Alex living in?
Alex's country was once communist, but now allows limited private ownership of companies. What kind of economy is Alex living in?
What is one reason unemployment statistics are unreliable?
What is one reason unemployment statistics are unreliable?
Which of the following industries is not projected to experience growth within the United States within the next 10 years?
Which of the following industries is not projected to experience growth within the United States within the next 10 years?
Emile Durkheim described mechanical solidarity as:
Emile Durkheim described mechanical solidarity as:
Which of the following is an example of convergence theory in action?
Which of the following is an example of convergence theory in action?
Which of these is an example of a commodity?
Which of these is an example of a commodity?
When did the first economies begin to develop?
When did the first economies begin to develop?
What is the most important commodity in post-industrial society?
What is the most important commodity in post-industrial society?
In which sector of an economy would someone working as a software developer be?
In which sector of an economy would someone working as a software developer be?
Which is an economic policy based on national policies of accumulating silver and gold through controlling markets?
Which is an economic policy based on national policies of accumulating silver and gold through controlling markets?
Who was the leading theorist on the development of socialism?
Who was the leading theorist on the development of socialism?
The type of socialism now carried on by China is a form of _____ socialism.
The type of socialism now carried on by China is a form of _____ socialism.
Among the reasons socialism never developed into a political movement in the United States was that trade unions _____ .
Among the reasons socialism never developed into a political movement in the United States was that trade unions _____ .
Which country serves as an example of convergence?
Which country serves as an example of convergence?
Ben lost his job when General Motors closed their US factories and opened factories in Mexico. Now Ben is very anti-immigration. Ben might be experiencing:
Ben lost his job when General Motors closed their US factories and opened factories in Mexico. Now Ben is very anti-immigration. Ben might be experiencing:
Which of the following is not an aspect of globalization?
Which of the following is not an aspect of globalization?
One reason critics oppose globalization is that it:
One reason critics oppose globalization is that it:
All of the following are characteristics of global cities, except:
All of the following are characteristics of global cities, except:
Which of the following is not a characteristic of multinational corporations?
Which of the following is not a characteristic of multinational corporations?
Which is evidence that the United States workforce is largely a meritocracy?
Which is evidence that the United States workforce is largely a meritocracy?
If someone does not earn enough money to pay for the essentials of life he or she is said to be _____ poor.
If someone does not earn enough money to pay for the essentials of life he or she is said to be _____ poor.
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Study Notes
Economic Concepts and Definitions
- Commodity: A physical object produced to meet needs (e.g., food, goods).
- Structural Unemployment: Occurs when unemployment is high in one region despite hiring in another (e.g., high jobs in D.C. but unemployment in Tennessee).
- Agricultural Revolution: Time when economies began to develop globally through farming and domestication of animals.
- Subsistence Farming: Farming that focuses on producing just enough food for the family.
- Polarization: Job market growth in both the lowest and highest economic levels, leading to a divided economic landscape.
Sociological Perspectives
- Conflict Theory: Views movements like Occupy Wall Street as responses to social inequality perpetuated by capitalism.
Economic Terms
- Xenophobia: Irrational fear or hatred of foreigners and foreign goods.
- Bartering: Exchanging goods without using money (e.g., trading guitars).
- Recession: A period of economic decline experienced by consecutive quarters of negative growth.
Globalization and Trade
- Globalization: The integration of governments and cultures through international trade, forming a single world market.
- NAFTA: The agreement that facilitated freer trade between the U.S., Canada, and Mexico.
- Global Assembly Line: Production process where components are made in different countries (e.g., Apple outsourcing production).
Employment and Underemployment
- Outsourcing: Relocating jobs to countries where labor is cheaper (e.g., IT jobs moved to India).
- Underemployment: Situations where individuals work in jobs that do not utilize their skills or pay sufficiently (e.g., forced to take lower-paying jobs after losing skilled employment).
Economic Systems and Policies
- Mercantilism: Economic policy focused on accumulating wealth through national control and trade with colonies.
- Market Socialism: A system allowing limited private ownership while letting market forces guide production and pricing.
Growth and Development
- Convergence Theory: Suggests that economies, like Germany post-WWII, can grow and improve job opportunities for citizens.
- Information: Considered the most vital commodity in a post-industrial society.
- Quaternary Sector: Refers to industries involving knowledge-based services, such as technology and software development.
Social Structures and Dynamics
- Mechanical Solidarity: Social cohesion based on shared work and beliefs, typical in simpler societies.
Critiques of Globalization
- Environmental Impact: Criticism that globalization adversely affects the environment through increased production and resource extraction.
Labor and Workforce Dynamics
- Meritocracy: The idea that job opportunities reflect individual talents and skills, as seen in the pay disparity between skilled and low-skill jobs.
- Absolutely Poor: Describes individuals lacking enough income to meet life's basic necessities.
Characteristics of Global Cities and Multinational Corporations
- Global Cities: Centers that host multinational corporations and exert significant international influence, excluding the presence of influential philosophers.
- Multinational Corporations: Operate across national borders and concentrate wealth in core nations, emphasizing their global market strategies.
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