Sociology of Contemporary Issues

Chapter 12 SLA
Nathan Roberts

Carefully read and thoroughly respond to each of the following questions/items. Be sure to use a
paragraph structure in your responses and to elaborate. (Your goal should not merely be to provide a
response; rather, you should aim to provide a response that is well reasoned and intelligent. Aim to
impress me!

1. What are the three sectors of the economy? Identify, describe, and define. What are the two
major economic systems in the world today? What are the advantages and disadvantages of
capitalism and socialism?
There are three sectors of the economy: the primary sector, the secondary sector, and the tertiary

sector. The primary sector “is the part of the economy that takes and uses raw materials directly from

the natural environment”(Barkan, 2014). This refers to those who produce materials, such as farmers

and mining. The secondary sector refers to those that transform those materials into something usable,

such as turning trees into paper. The tertiary sector produces services rather than goods. This is

referring to healthcare, teachers, and many more.

The two major economic systems are Capitalism and Socialism. Capitalism “is an economic

system in which the means of production are privately owned”(Barkan, 2014). This means that all

production is controlled by the people who own it. Whether a company succeeds depends on whether it

can convince others to use its goods or services. There is supposed to be no intervention from the

government. The downside to capitalism, however, is greater inequality among people in this system. It

promotes greedy and selfish behavior and leads children to grow up worrying only about themselves

rather than the needs of others as they grow up.

Socialism is the opposite of capitalism. It is a system where the government owns production.

This system is meant for others to do what is best for the community's common good. It ensures that all

members of a society are equal, however it does have some downsides. Socialism tends to have less

economic growth as well as inefficiencies and there may be less political freedom.
 2. What are the functions of work and economy as emphasized by functionalism? What are conflict
theory’s critiques of work and the economy? What is the overall approach of symbolic
interactionism to understanding work and the economy?
According to the functionalist perspective work and the economy has many major functions. First

the passage states that the main reason is to provide goods and services. Another function is to provide

income for families to purchase their own goods and services. Outside of physical aspects, work helps

some

3. What are the recent trends in jobs and wages? What are the effects of unemployment? What
are the problems associated with increasing economic inequality?

4. What are the different types of social reform for improving work and the economy?