Con and Org Behavior Ch 12

what is discretionary income

money left after covering basic needs for a comfortable standard of living

what are two consumer attitudes toward spending

tightwads (reluctant spenders) and spendthrifts (free spenders)

what influences how people spend money

attitudes toward money

what is consumer confidence

optimism or pessimism about the economy that affects spending and saving

name three factors affecting savings rates

optimism/pessimism, world events, cultural attitudes

what is income inequality

uneven distribution of income across a population

what is plutonomy

an economy driven by and largely benefiting the wealthy

what is social mobility

movement within a social class structure

what is horizontal mobility

movement within the same social class level

what is upward mobility

movement to a higher social class

what is downward mobility

movement to a lower social class

what two factors contribute to rising income levels overall

increased education and changes in womens roles

what are three views of luxury goods

functional, reward, and indulgence

what is the income pyramid

distribution of income levels from top (wealthy) to bottom (poor)

what defines social class

income, family background, and occupation

what is a universal pecking order

a ranking of individuals based on relative social status

what does social class influence

access to resources and opportunities

what is achieved status

status earned through effort or accomplishments

what is ascribed status

status assigned at birth (ex. race)

what is occupational prestige

the respect associated with a job; best indicator of social class

how is wealth distributed in society

unevenly; top 20% controls about 75% of assets

what matters more than income in determining class

how money is spent

what is social stratification

a system dividing society into hierarchical classes

what is affluenza

negative effects of excessive wealth or materialism

what is cosmopolitanism

exposure to and appreciation of diverse cultures

when is social class a better predictor of behavior

for lower to mid-priced symbolic purchases

when is income a better predictor

for major non-symbolic purchases

why is social class segmentation problematic

it ignores mobility, aspirations, inconsistencies, and subjective class

what are taste cultures

groups defined by shared aesthetic and intellectual preferences

what is conspicuous consumption

buying goods to display wealth and status