Sociology quiz #2

Social Stratification

How societies distribute the things of value to them and rank groups of people according to their access to what is valued

What is the Great Recession of 2008?

What is the Glass-Steagall Act?

A U.S. law enacted in 1933 that separated commercial banking from investment banking to reduce financial speculation and risk.

Who were Fannie and Freddie Mae?

Government-sponsored enterprises that help facilitate mortgage lending and promote homeownership. They played a critical role in the housing market by buying mortgages and providing liquidity to lenders.

What are CDOs (collateralized debt obligations)?

Financial instruments that pool various types of debt and repackage them into tranches for investors, allowing for varied risk and return profiles.

What is a class? 

A group of individuals sharing similar economic, social, or cultural characteristics, often defined by factors such as income, education, and occupation.

What is conflict theory?

A sociological theory that society as a struggle between groups competing for power and resources

What are power elite theories?

A modern offshoot of the classic conflict theory perspective

-It is the dominant perspective in economic and political power

What is power elite theory? 

Many people do not bother in participating in political processes because they feel alienated from them

-A relatively small and organized group of people hold key positions in the main institutions of society and make continuous efforts towards keeping themselves in power