Economy Introduction Sociology YouTube Lecture Handouts

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An introduction

Definition of Economic System

β€œThe social institutions and their arrangement through which goods and services are produced, distributed and consumed.” - Giddens


  • Man is an economic being who does economic activities
  • As a social sub-system in the society – production, consumption, distribution, innovation, etc.
  • Related to non-economic areas of society
  • Satisfying the material needs
  • Socially sanctioned institutions
  • Continuous interaction between and among sub-systems
  • β€˜Work’ is done against remuneration
    • Govt. introduced work opportunities and schemes
    • Work is a universally accepted necessary condition for civilized life
    • Right to work in constitution

Sociological Relevance

  • Study the relationship between production of goods and social life
  • Role of values and choices in production
  • Role of education
  • Relation between economic institutions and other social institutions
  • Sociology of economic development – as a new branch of study
  • Sociologists study the society as a whole

Economic System

  • All our needs are catered by the economic system
  • Needs can be basic and β€˜wants’ too
  • Maximize material satisfaction
  • Influences life and standard of living
  • It interacts with all the sections of the society


Classification of society

  • Hunting and gathering
  • Horticultural
  • Agrarian
  • Industrial
  • Post- Industrial

Emergence of Property

  • Haves and have nots
  • Rights that owner possesses

Two Main Forms of Economy

  • Market economy or Capitalist
    • Personal profits
    • Free competition
  • Planned economy or Socialist
    • Resources owned collectively
    • Not profit oriented but people oriented
    • Social equality
    • Eg Soviet Union

Social Determinants of Economic Development

  • Education system
  • Skilled, educated and experienced population
  • Role of technology
  • Population growth – impediment to growth
  • Personality of people and how adaptive they are
  • Introduction of IT and cultural support provided
  • Religious beliefs
  • Values and ethics
  • Urbanisation level
  • Secularisation
  • Social stratification
  • Dependency ratio


Q. 1. An ideal economic system

(i) must be a function of social system

(ii) basic aim should be profit

(iii) must be correlation between different social and economic system

(iv) must be independent of social system

Ans. (i)

Q. 2. What is the Scientific management in sociology given by F. W. Taylor?

a) Theory of work management

b) It analyses workflow

c) Its objective is to find the error in economic development

d) It includes principles of division of labour, principles of rationalisation, etc.


i. A, b and c

ii. A and c only

iii. A, b and d

iv. C and d only

Ans. iii

#Sociological Concepts

#Social Institutions




0: 00 Economy

0: 18 Definition of economic system

0: 47 Introduction of Economy

4: 38 Sociological relevance

6: 32 Economic system

7: 48 Emergence

8: 33 Emergence of property

8: 50 Two main forms of economy

9: 29 Social determinants of economic development

11: 19 MCQ about Economy

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