Income
amount of money received by an individual or group over a specific time period
Wealth
total economic resources held by a person or group
Absolute poverty
the absence of enough money to secure life’s necessities
Relative poverty
a measure of poverty based on the economic disparity between those at the bottom of society and the rest of society
Welfare reform
the changes made to government assistance programs aimed at addressing social stratification and inequalities experienced by the poor
Caste system
a stratification structure that does not allow for social mobility
Power
the ability to control the behavior of others, even against their will
Prestige
recognition, respect, and admiration attached to social positions
Intergenerational mobility
a change in status or class from one generation to the next
Vertical mobility
a change upward or downward in occupational status or social class
Horizontal mobility
a change in occupation within the same social class
Social status
 a position a person occupies within a social structure
Inequality
the unequal distribution of goods and burdens based on one's social status and economic mobility
Feminization of poverty
 a trend in the U.S. society in which women and children make up an increasing proportion of the poor
Underclass
people typically unemployed who came from families who have been poor for generations
Working poor
people employed in low-skill jobs with the lowest pay who do not earn enough to rise out of poverty
Upper-middle class
individuals and families who benefited from the tremendous corporate and professional expansion following WW2, earn enough to live well and save money
Working class
below average income and unstable employment, little opportunity to exercise power or to participate in organizations, not likely to enter the middle class
Aristocracy (upper-uppers)
old money families whose names appear in high society, inherited wealth
Lower-upper class
based on achievement and earned income rather than birth or inherited wealth
How is absolute poverty different from relative poverty?
Absolute poverty refers to lacking basic necessities like food and shelter, whereas relative poverty is about having significantly less income or resources compared to others in society.
Functionalism
Job performance and pay are linked, with pay increasing as job performance rises
Conflict Theory
Social class affects crime punishment likelihood, with higher classes facing less prosecution
Symbolic Interactionism
Social class influences self-esteem, with the upper class having higher self-esteem
Upper Class
Includes 1% of the population, divided into upper-upper and lower-upper class. Based on birth and inherited wealth. Investors, heirs, chief executive officers
Upper Middle Class
14% of the population, Upper-level managers, professionals, owners of medium-sized businesses
Middle Classes
40-50% of Americans, and middle-middle class (30%). Lower-level managers, semiprofessionals, craftspeople, foremen, non-retail salespeople, clerical
Working Class
Comprises almost one-third of the population, with below-average income and unstable employment. Low-skill manual, clerical, and retail sales workers
Working Poor
13% of the population, employed in low-skill jobs with lowest pay. Lowest-paid manual, retail, and service workers
Underclass
12% of the population, usually unemployed with generational poverty. Unemployed people, people in part-time menial jobs, people receiving public assistance
Know the difference between power and prestige.
Power is the ability to influence others through control or coercion, while prestige is earned respect and admiration based on achievements or qualities.
Know the difference between wealth and income.
Wealth is the total assets owned, while income is the money earned over a period. Wealth is a stock measure, income is a flow measure.