Socioeconomic Status and Inequality

These flashcards cover key concepts related to socioeconomic status and inequality, including definitions of social inequality, trends in median income, and factors impacting poverty and social mobility.

What is social inequality?

The differential and unequal distribution of goods, services, resources, and power creating a hierarchical social system.

What was the median after-tax income of families in British Columbia in 2022?

$70,600.

What does wealth inequality refer to?

The unequal or disproportionate accumulation and distribution of wealth between individuals.

What is the Davis-Moore Thesis?

The greater the importance of a position within society, the higher its associated reward.

What are the three types of capital mentioned in the context of social mobility?

Human capital, cultural capital, and social capital.

What is poverty defined based on the Market Basket Measure?

A family lives in poverty if it does not have enough income to purchase a specific basket of goods and services in its community.

What were the top two reasons cited for poverty factors?

Structural factors could include economic cycles and wealth distribution, while individual factors could include talent and social psychological factors.

What is intergenerational income elasticity?

A measure of social mobility comparing the incomes of parents with those of their children when the children become adults.

What does the Great Gatsby Curve illustrate?

The relationship between income inequality and social mobility.

What is the trend of poverty rates from 2015 to 2022 as per the notes?

Poverty rates decreased from 2015 to 2020 and then fluctuated, showing a rate of 9.8% in 2022.

Socioeconomic Status

A person’s economic and social standing in society, usually based on their income, wealth, education, and occupation.

Human Capital

Valuable knowledge, skills, and experiences possessed by an individual. It is often acquired through investment in education, training, and work experience.

Cultural Capital

Cultural resources like knowledge, traits, preferences, and behaviours that act as status cues for high culture.

Habitus

The habits, skills, and dispositions that we acquire based on our life experiences. Habitus is the embodiment of our cultural capital.

Educational Attainment

The highest level of education an individual has completed.