Ss11 Terms

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Mendoza, Rita Mae C.

Terminologies and Salient Features
Chapter 11 (Economy and Work)
Economy- one of the social system in the totality of social organization.ood. Components of the Sociology of the Economy
* Property- refers to the network of “right and duties of one person as against all other person and groups with respect to some scarce” (Davis 1949:453) *Private Property- relatively free from direct state controls. *Public Property- subject to governmental restraints * Technology- consists of knowledge, skills and attitudes necessary to convert available resources into objects people need and want * Division of Labor- represents differentiation of function performed by individual or small groups * Organization of Work-concerned with applications of sociological principles to the study of economic structures, changes into the structures and ideologies related to them Types of Economic Systems

* Capitalism- an economic system that focuses on the right to own private property, to invest it as capital in productive enterprises, and to obtain profits from each investment. * Socialism- based on a set of political theories that espouses the collective ownership of the means of production and distribution of goods. * Communism- is a social ,political and economic system whereby property is publicly owned. Functions of the economy

1. Provides physical subsistence necessary for group survival in a society 2. Generates social change for the continuity of society
3. Maintains balance with other social systems
4. Indicates the nature of social stratification in the society, social class, and mobility differences Globalization- process by which money, goods, information, and people move across nation at a pace and on a magnitude made possible by the rapid advance in communication and travel. Industrialization- brought by major technological innovations....
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