Soc 201

Dr. Gray

The Social Significance of Work

Economy-a social institution that determines how a society produces, distributes, and consumes goods and services.

Work-physical or mental activity that accomplishes or produces something, either goods or services.

Work provides a sense of stability, accomplishment, and social identity, but it is also a major source of stress.

Global Economic Systems

Capitalism-an economic system in which wealth is in private hands and is invested and reinvested to produce profits.

Capitalistic systems frequently spawn monopolies and oligopolies, which dominate the market and discourage competition.

Monopoly-domination of a particular market or industry by one person or company.

Oligopoly-a market dominated by a few large producers or suppliers....