SOCA02H3 Lecture Notes - Lecture 7: Labor Market Segmentation, Deskilling, Silicon Valley
Document Summary
The economy refers to the social institution that organizes the production, distribution, and exchange of goods and services (p. 333: divided into three sectors. Primary includes raw natural resources such as farming, fishing, logging, and mining. Includes the use of tools to herd cattle and grow plants as well as the domestication of animals to aid in these endeavors: dogs herding cattle, oxen pulling plows. Industrial revolution: made manufacturing the dominant economic sector. Based on the production of finished goods and trade in markets: markets: social relations that regulate the exchange of goods and services. In a market, the prices of goods and services are established by how plentiful they are (supply) and how much they are wanted (demand) (p. 327). Division of labor: automation of the workplace has displaced many individuals from manufacturing while service industry has become more prevalent. In pre-agrarian societies there were four main jobs .
