What Does It Mean to be 'Better Off'?

These flashcards cover key terms related to the progression of American society, economic measures, inequality, and social changes over the last 45 years.

Gross Domestic Product (GDP)

A monetary measure that represents the market value of all final goods and services produced in a specific time period.

Per Capita GDP

Gross domestic product divided by the number of people in the population, indicating the average economic output per person.

Income Inequality

The unequal distribution of income and opportunity between different groups in society.

Labor Force Participation Rate

The percentage of the working-age population that engages actively in the labor market, either by working or seeking work.

Child Poverty Rate

The percentage of children living in families with incomes below the federal poverty line.

Deprivation

The absence of basic needs, such as food, water, warmth, and shelter, impacting a person's well-being.

Social Mobility

The ability for individuals or groups to move up or down the social ladder, often influenced by economic factors.

Economic Mobility

The ability for an individual or family to improve or reduce their economic status over time.

Gender Gap

The disparities between men and women in areas such as income, employment, and education.

Racial Gap

The differences that exist in economic, social, and educational outcomes among different racial or ethnic groups.