Stratification and Wealth Inequality

This set of flashcards covers key terms and concepts related to stratification, wealth inequality, and sociological perspectives on economic disparities.

Stratification

The arrangement of individuals or groups in a hierarchical order, often based on socioeconomic factors.

Wealth

The total economic assets owned by an individual or family, including money, property, and investments.

Income

The money received, especially on a regular basis, for work or through investments.

Old Money

Wealth that has been inherited over generations, associated with established families.

New Money

Wealth that has been earned within a person's generation or lifetime, often associated with self-made individuals.

Prestige

The respect and admiration felt for someone based on their achievements or qualities, often linked to their social position.

Power Elite

A small group of wealthy individuals who hold a disproportionate amount of power and influence over society's major institutions.

Wealth Inequality

The unequal distribution of assets among residents of the economy.

Racialized Wealth Gap

The disparity in wealth accumulation and ownership between different racial and ethnic groups in society.

Cumulative Wealth

Wealth that is built up over time and can be passed down through generations.