Chapter 14: Work and Economic Life Exam
Questions with Correct Answers
1. Work correct answer: The activity by which people produce from the natural world and so
ensure their survival. Work should not be thought of exclusively as paid employment. In traditional
cultures, there was only one rudimentary monetary system, and few people worked for money. In
modern societies, there remain types of work that do not involve direct payment
2. Occupation correct answer: Any form of paid employment in which an individual regularly
works
3. Economy correct answer: The system of production and exchange that provides for the material
needs of individuals living in a given society. Economic institutions are of key importance in al
social orders. What goes on in the economy usually influences other areas of social life. Modern
economies ditter substantially from traditional ones because the majority of the population is no
longer engaged in agricultural production.
4. Capitalism correct answer: An economic system based on the private ownership of wealth,
which is invested and reinvested in order to produce profit
5. Technology correct answer: The application of knowledge of the material world to
production; the creation of material instruments (such as machines) used in human interaction
with nature
6. Housework correct answer: Unpaid work carried out in the home, usually by women;
domestic chores such as cooking, cleaning and shopping. Also called domestic labor
7. Division of labor correct answer: The specialization of work tasks by means of which
ditterent occupations are combined within a production system. All societies have at least some
rudimentary form of labor, especially between the tasks allocated to men and those performed by
women. With the development of industrialism, the division of labor became vastly more complex than
in any prior type of production system. In the modern world, the division of labor in international in
scope
8. Family capitalism correct answer: Capitalistic enterprise owned and administered by
entrepreneurial families
9. Managerial Capitalism correct answer: Capitalistic enterprise administered by
managerial executives rather than by owners
10. Welfare capitalism correct answer: The practice by which large corporations protect
their employees from the vicissitudes of the market
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Questions with Correct Answers
1. Work correct answer: The activity by which people produce from the natural world and so
ensure their survival. Work should not be thought of exclusively as paid employment. In traditional
cultures, there was only one rudimentary monetary system, and few people worked for money. In
modern societies, there remain types of work that do not involve direct payment
2. Occupation correct answer: Any form of paid employment in which an individual regularly
works
3. Economy correct answer: The system of production and exchange that provides for the material
needs of individuals living in a given society. Economic institutions are of key importance in al
social orders. What goes on in the economy usually influences other areas of social life. Modern
economies ditter substantially from traditional ones because the majority of the population is no
longer engaged in agricultural production.
4. Capitalism correct answer: An economic system based on the private ownership of wealth,
which is invested and reinvested in order to produce profit
5. Technology correct answer: The application of knowledge of the material world to
production; the creation of material instruments (such as machines) used in human interaction
with nature
6. Housework correct answer: Unpaid work carried out in the home, usually by women;
domestic chores such as cooking, cleaning and shopping. Also called domestic labor
7. Division of labor correct answer: The specialization of work tasks by means of which
ditterent occupations are combined within a production system. All societies have at least some
rudimentary form of labor, especially between the tasks allocated to men and those performed by
women. With the development of industrialism, the division of labor became vastly more complex than
in any prior type of production system. In the modern world, the division of labor in international in
scope
8. Family capitalism correct answer: Capitalistic enterprise owned and administered by
entrepreneurial families
9. Managerial Capitalism correct answer: Capitalistic enterprise administered by
managerial executives rather than by owners
10. Welfare capitalism correct answer: The practice by which large corporations protect
their employees from the vicissitudes of the market
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