1. Capitalism
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2.  Power:
 The degree to which individuals/groups
can impose their will on others, with or
without their consent

 Prestige:
 Amount of esteem or honour
associated with social positions,
qualities of the individuals and lifestyles

 Wealth:
 Material possessions defined as
valuable (land, livestock, buildings,
money)
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3.  Social stratification means that
social groups are ranked differently
according to their power, prestige
and wealth.
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4.  Private ownership and control of
production
 Economic activity is about making
profits
 Market regulates this economic
activity (demand/supply)
 Owners of production receive the
profits (except for taxes)
 Provision of labour by workers who
are free agents
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5.  Capital is money used to finance the
production of commodities (goods)
for private gain

 We accumulate capital by selling
goods at greater value than they
cost to produce.
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6.  The aim of any capitalist is to maximize
profit for the owner of the business.
There is no limit to the profit that any
business should make.
 Consumption capitalism is the
production of goods and services for
consumption by individuals i.e. clothes,
cars, houses, holidays. These goods
and services are constantly used up
and have to be replaced.
 Free trade is the free exchange of
goods and services produced by
consumption capitalism across the
world.
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services

7.  With 'free trade', the capitalist is free
to find the cheapest sources of
material and labour to make goods
and services so that they can
maximize their profits. For example,
Nike makes shoes and clothes in
Vietnam for say up to $2 per item
and sells them in Australia for $200
per item.
 Globalization has become a
negative term associated with the
excesses of capitalism.
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