4. The Economic
The chapter examines the economic organization within societies, focusing on how goods and services are produced, distributed, and consumed. It underscores the significance of division of labor, various systems of exchange, and types of economic systems, while highlighting the classification of occupations and the distinctions between formal and informal economies. Additionally, it addresses the impact of globalization, urging a sociological perspective that recognizes cultural values and social justice in economic behaviors and policies.
Enroll to start learning
You've not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Sections
Navigate through the learning materials and practice exercises.
What we have learnt
- Economic organization is essential for managing production, distribution, and consumption.
- The division of labor varies from simple to complex as societies develop.
- Different economic systems and exchanges illustrate diverse practices and ownership models.
Key Concepts
- -- Economic Organisation
- The system through which goods and services are produced, distributed, and consumed in society, involving institutions such as family, market, state, and corporations.
- -- Basic Economic Activities
- The three fundamental activities necessary for society: production (creation of goods), distribution (getting goods to consumers), and consumption (use of goods to satisfy needs).
- -- Division of Labour
- The allocation of specific tasks to different individuals or groups; categorized as simple division in tribal societies and complex division in industrial societies.
- -- Modes of Exchange
- Different systems through which goods and services can be exchanged, including bartering, monetary systems, gift economies, redistributive economies, and market economies.
- -- Types of Economic Systems
- Categorization of economies based on resource ownership and production control, including traditional, command, market, and mixed economies.
- -- Formal and Informal Economies
- Formal economies are government-regulated and offers worker benefits, while informal economies are unregulated and provide no job security.
- -- Globalisation and the Economy
- The integration of world economies, impacting job outsourcing and intercultural exchange, but also leading to economic inequality.
Additional Learning Materials
Supplementary resources to enhance your learning experience.