vocab 1
Labor productivity-
The average amount of goods or services produced per worker per unit of time
Working class-
The people in an industrial economy who depends on wage labor to obtain the necessities of life
Assembly line-
A system of manufacturing in which parts and procedures are added one step at a time through a series of workstations until a finished product is assembled
Fossil fuel-
Natural fuel derived from the fossilized remains of living organisms
Capitalist class-
People who own the means of the production and pay the wages of workers
Mass consumption-
The purchase of large amounts of mass-produced goods by large numbers of people
Crude oil-
A yellowish-black liquid fossil fuel found in geologic deposits
Middle class-
People who either salaried professionals (such as lawyers, educators, and physicians) or office wage workers ( such as bank tellers and store clerks)
International division of labor-
The situation in which the labor forces of different countries and world regions play complementary roles in an interdependent global economy
Commercial farmers-
Farmers who raised crops and livestock to sell in the market at a profit rather than raising them for their own consumption
Labor unions-
Assosciations of workers in particular industries established to collectively bargain with capitalists
Gender empowerment measure (GEM)-
A measurement of gender equality that includes the propertion of seats held by women in national parliaments, the percentage of women in economic decision-making positions, and women’s versus men’s share of income
Wage labor-
A socioeconomic relationship in which an employer pays a worker to complete a task, sometimes by the day or by the hour
Mass production-
The machines manufacture of large quantities of identical products
Gender parity-
A way of documenting progress toward gender equality using measures such as relative access to education, average income for women versus men, and workforce participation