Economic Inequality

Absolute Poverty

The minimal requirements a human needs to survive.

Capitalism

An economic system based on private ownership of the resources used to create wealth and the right of individuals to personally profit.

Cultural Capital

A person’s social assets that help them move up in a stratified society.

Economic Capital

Financial resources that are or can be converted into money, including cash, investments, and valuable goods and property.

Economic Elite

The minority of people who control a disproportionate amount of wealth.

Glass Ceiling

An invisible barrier that restricts upward mobility.

Income

Steady sources of money.

Near Poor/Precariat

People who earn up to 25% more than the official poverty line/ people employed by others who worked for a wage.

Relative Poverty

One’s economic position compared to the living standards of the majority of those in a particular society.

Social Capital

The value of positive connections between people.

Social Class

A group of people who share similar economic positions in a society based on wealth and income.

Social Mobility

Opportunity to move up or down in the economic hierarchy.

Socioeconomic Status

The prestige, honor, respect, and power associated with a person's economic position.

Stratification

The ranking of groups of people that perpetuates unequal rewards and life chances in a society.

Wage Gap

Differences between the hourly earnings of different social identity groups.

Wealth

Money sitting in the bank and the ownership of economic assets, minus debts.

Wealth Gap

Differences in the amount of money and economic assets owned by people from different social identity groups.