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Ch 11: Economics and Politics

About This Chapter

Watch online video lessons on economics and politics to learn about economic sectors, social power theories, forms of government, and more. Each lesson is accompanied by a short, multiple-choice quiz you can use to check your understanding of these topics.

Economics and Politics - Chapter Summary and Learning Objectives

In this chapter, you'll come to understand the relationship between economics and politics and learn how different political ideas and systems shape the economy. By the end of this series of brief video lessons, you'll be able to do the following:

  • Differentiate among the primary, secondary, and tertiary sectors of a modern economy.
  • Discuss characteristics of traditional, rational-legal, and charismatic authority.
  • Discern differences among a monarchy, democracy, and oligarchy.
  • Explain the tenets of authoritarian and totalitarian regimes.
  • Discuss reasons for voter apathy in the United States.

VideoObjectives
The Evolution of Economy: Changes from the Agricultural and Industrial RevolutionsDiscuss economic changes during the agricultural and industrial revolutions and in postindustrial society.
The Modern Economy: Primary, Secondary & Tertiary Sectors Explain the three sectors of a modern economy.
Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'Differentiate between capitalism and socialism and explain the advantages and disadvantages of each system. Explain the 'underground economy.'
Labor in the U.S.: Unions, Labor Markets & ProfessionsDistinguish between the primary and secondary labor markets and discuss the role of labor unions in the U.S. Explain the four characteristics of professions.
Social Power Theory: Definition of Weber's Avenues to Social PowerExplain Weber's three avenues to social power, including traditional authority, rational-legal authority, and charismatic authority.
Forms of Government: Monarchy, Democracy, Oligarchy & MoreDiscuss different forms of government, including monarchy, democracy, and oligarchy, and distinguish between authoritarianism and totalitarianism.
Power in Politics: Political Parties, Interest Groups & Political Action Committees (PACs)Come to understand different groups that desire power in politics, including political parties, special interest groups, and PACs. Discuss voter apathy in the U.S.
Social Power Theories: Pluralist, Power-Elite & Marxist ModelsExplain major theories of power in society, including pluralist, power-elite, and Marxist models.
World Systems Theory: Core vs. Peripheral SocietiesExplain World Systems Theory and discuss how it emphasizes the social structure of global inequality. Define core, peripheral, and semi-peripheral nations and explain the differences among them.

9 Lessons in Chapter 11: Economics and Politics
The Evolution of Economy: Changes from the Agricultural and Industrial Revolutions

1. The Evolution of Economy: Changes from the Agricultural and Industrial Revolutions

Explore how the economy has evolved from the agricultural era into a postindustrial society during the second agricultural revolution and the industrial revolution; how changes in technology and settlements impacted the workforce and economic power; and the primary, secondary, and tertiary economic sectors.

The Modern Economy: Primary, Secondary & Tertiary Sectors

2. The Modern Economy: Primary, Secondary & Tertiary Sectors

The modern economy can be divided into three sectors that reflect the economic development of that society. This lesson will discuss and explore the interaction between the primary, secondary and tertiary sectors of the modern economy.

Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'

3. Capitalism vs. Socialism: Differences, Advantages/Disadvantages & the 'Underground Economy'

This lesson explores formal and informal economies by discussing the differences between capitalism, socialism, and the underground economy. Key characteristics, advantages, and disadvantages of these economies will be covered.

Labor in the U.S.: Unions, Labor Markets & Professions

4. Labor in the U.S.: Unions, Labor Markets & Professions

This lesson discusses the differences between the two labor markets in the United States - primary and secondary. It also defines labor unions and the characteristics of a profession.

Social Power Theory: Definition of Weber's Avenues to Social Power

5. Social Power Theory: Definition of Weber's Avenues to Social Power

According to prominent sociologist Max Weber, there are only three legitimate avenues to social power. This lesson will discuss the differences between charismatic authority, traditional authority, and rational-legal authority.

Forms of Government: Monarchy, Democracy, Oligarchy & More

6. Forms of Government: Monarchy, Democracy, Oligarchy & More

The governance of nations differs significantly based on who has power. This lesson will differentiate five forms of government: monarchy, democracy, oligarchy, authoritarianism, and totalitarianism.

Political Power: Political Parties, Interest Groups & Political Action Committees (PACs)

7. Political Power: Political Parties, Interest Groups & Political Action Committees (PACs)

Sociologists often analyze political power by examining the relationship between those who hold power and those who seek it. We'll discuss political power and distinguish between political parties, special interest groups, and Political Action Committees.

Social Power Theories: Pluralist, Power-Elite & Marxist Models

8. Social Power Theories: Pluralist, Power-Elite & Marxist Models

This lesson will explain and differentiate three major theories of power in society: The pluralist model, the power-elite model and the Marxist model.

World Systems Theory: Core vs. Peripheral Societies

9. World Systems Theory: Core vs. Peripheral Societies

World systems theory was proposed by sociologist Immanuel Wallerstein. This lesson discusses the three-level hierarchy approach to economics, which consists of core, periphery, and semi-periphery countries, in the context of global inequality.

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