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Historic Role of the Economy definitions

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  • Economy
    A social institution where goods are produced and exchanged, shaped by technological and societal changes over time.
  • Agricultural Revolution
    A period marked by the shift to farming and permanent settlements, leading to surplus, trade, and occupational specialization.
  • Surplus
    An excess of goods beyond immediate needs, enabling storage, trade, and the foundation of economic systems.
  • Occupational Specialization
    The development of distinct jobs, allowing individuals to master specific crafts and improve service quality.
  • Industrial Revolution
    An era beginning around 1750, characterized by factory-based production, mass goods, and urban work centralization.
  • Mass Production
    The creation of large quantities of standardized goods, increasing availability and driving consumer demand.
  • Consumerism
    A social pattern where increased acquisition and consumption of goods becomes a driving economic force.
  • Class Structure
    The organization of society into groups based on economic roles, notably capitalists and workers after industrialization.
  • Capitalist Class
    A group owning production means, distinguished from workers, and gaining prominence during industrialization.
  • Working Class
    Individuals who sell their labor, often in factories, forming a distinct group in industrial societies.
  • Transportation
    Systems like railroads that connected national and global markets, facilitating economic expansion.
  • Information Revolution
    A period starting in the 1950s, driven by computer technology, shifting economies toward services and technology.
  • Postindustrial Economy
    An economic system focused on services and technology, with reduced reliance on factory work.
  • White-Collar Jobs
    Professional or managerial positions, often requiring specialized knowledge, that expanded with technological advances.
  • Global Interdependence
    A condition where national economies are closely linked through global markets and trade.