Soc 1000 flashcards

exam dec 6

Economic Inequality

Economic inequality refers to the unequal distribution of income, wealth, and economic resources among individuals or groups within a society. In simple terms, it’s the gap between those who have a lot and those who have very little.

Capitalism

an economic system based on private ownership of the resources used to create wealth and the right of individuals to personally profit

Cultural Capital

symbolic resources that communicate one’s social status

Economic Capital

: financial resources that are or can be converted into money

Economic Elite

The minority of people who control a disproportionate amount of wealth

Glass Ceiling

an invisible barrier that restricts upward mobility

Income

Money a person earns from work or other sources.

Near Poor / Precariat

People living just above the poverty line but struggling with unstable, low-paying jobs.

Relative Poverty

one’s economic position to the living standards of the majority of those in that particular society

Social Capital

the number of people we know and the resources they can offer us

Social Class

A group of people with similar income, education, and social status.

Social Mobility

opportunity to move up or down in the economic hierarchy

Stratification

The ranking or layering of people in society based on resources, status, and power—like upper, middle, and lower classes.

Wage Gap

Differences in earnings between groups—often between men and women or between racial groups.

wealth

Total value of everything a person owns (house, savings, investments) minus what they owe (debt)

Wealth Gap

The large difference in total wealth between groups or classes—often much bigger than income gaps.

Socioeconomic Status

the prestige, honor, respect, and power associated with differnt class positions

Stratification

The structured ranking of entire groups of people within a society, which leads to unequal access to resources, opportunities, and privileges.

Achievement Gap

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Cross-Institutional Advantage/disadvatage

a phenomenon in which people are positively or negatively served across multiple institutions

Environmental Racism

the practice of exposing racial and ethnic minorities to more toxins and pollutants than White people encounter

Institutional Racism

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intergenerational Advantage

Advantages and disadvantages that are passed from parents to children

Mass Deportation

an extremely high rate of deportation in cross-cultural and historical perspective

Mass Incarceration

an extremely high rate of imprisonment in cross-cultural and historical perspective

Redlining

a practice of refusing loans to or steeply overcharging anyone buying homes in poor and minority neighborhoods