Economy is the social institutions that organizes the way society produces distributes and consumer goods and services. Goods are any object that has an economic value to others. An example of goods could be a house, food, designer clothes or popular cell phones. Services along with goods are some of the many important institutions of society. The definition of services are economically productive activities that are not physically products. For example services could be washing someone’s car, cleaning their shoes at the mall or even reading books to children. In 1913 Henry Ford introduced us to a new system of manufacturing called mass production, which is large scale, highly standardized manufacturing of identical commodities on a mechanical assembly line. Reserve army of labor is when a group of people are looking for jobs outnumber the position of available, which keeps employees replace able and also wages low. Scientific management is a practice whose goal was to use principles of engineering to reduce physical movement of workers. Automation is the replacement of humans by machines and is relied on by postindustrial production. I think unemployed is a word many people know too often, unemployed is people who are jobless, and who have actively looked for a job for at least 4 weeks. They are also willing to work just unable to find a job opening. A similar part of looking for jobs is called not in the labor force and this when a person is not officially unemployed but neither officially employed. They are typically people are eventually give up looking for a job or limit their options to only looking online or in newspapers. People who are willing to work and have been actively looking for at least 12 months are ...
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...l that I learned a lot that I didn’t already know.
Implications for children
One implication children can take from this chapter is to research what were your buying along with finding out where it comes from. I would think if more people knew were products came from they wouldn’t want to support them. I also feel that this might help children be more appreciative for what they have along with where they come from.
Evaluation and grading
I feel that I mastered all the terms , one term I felt really stood out to me was Reserve army of labor which is when there are more people wanting jobs then job needed to be filled, this makes it easy for the people running jobs to pay less and replace employees easily. Along with the terms I did complete the correct length and felt that I did all sections well but could of done more under agreement and would say I earned an “b’.
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