sociology ch.7 economic inequality

sociology ch.7 economic inequality

resources that provide individuals with power and influence/ economic, social, and cultural

capital

financial resources that can be turned into money

economic capital

minority of people who control a disproportionate amount of wealth

economic elite

income and wealth

we measure economic capital with….

steady source of money

income

money sitting in the bank and ownership of assets

wealth

sum of values divided by # of values

mean

middle value among sets/ lowest to highest

median

value among a range of values that occurs the most

mode

opportunity to move up or down in the economic hierarchy

social mobility

cash payments given to workers in exchange if their labor and hours

wage

caste system- stay in the same social group for your whole life

feudal system- rich people born into mobility

enslavement system- elites can own poorer people

forms of institutionalized economic inequality that took place…..

class of people who are employed by others and work for a wage

proletariat

class of people who employ the workers

bourgeoise

resources that can be used to create wealth

means of production

the work people can do with their bodies and minds

labor

feeling of dissatisfaction and disconnection from the fruits of one’s labor

alienation

coming catastrophic implosion from which capitalism would never recover

crisis capitalism

an understanding that members of a social class share economics interests

class consciousness

an economic system based on shared ownership of the resources used to create wealth, then distributed by the government for enrichment of all

socialism

capitalist system with little or no government regulation

free market capitalism

associations that organize workers so they can negotiate with their employees

labor unions

1. technological changes- factories in urban areas

2. urbanization

3. family changes

societal changes due to industrialization……

economic system based on private ownership of resources used to create wealth

capitalism

an income that allows full time workers to afford basic needs

living wage

capitalist system with the socialist policy aimed at distributing profits evenly

welfare capitalism

people in the labor force who earn poverty level wages

working poor

invisible barrier that restricts upward mobility

glass cleaning

differences in the amount of money owned by people from social identity groups

wealth gaps

an invisible barrier that restricts downward mobility

glass floor