Economic Inequality

Absolute Poverty- the minimal requirements a human needs to survive 

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- a person’s social assets that help them move up in a stratified society 

Economic Capital- financial resources that are or can be converted into money, including cash, investments, and valuable goods and property

Economic Elite- the minority of people who control a disproportionate amount of wealth 

Glass Ceiling- an invisible barrier that restricts upward mobility 

Income- steady sources of money 

Near Poor/Precariat- people who earn up to 25% more than the official poverty line/ people employed by others who worked for a wage  

Relative Poverty- one’s economic position compared to the living standards of the majority of those in a particular society

Social Capital- the value of positive connections between people 

Social Class- a group of people who share similar economic positions in a society based on wealth and income

Social Mobility- opportunity to move up or down in the economic hierarchy 

Socioeconomic Status- the prestige, honor, respect, and power associated with 

Stratification- the ranking of groups of people that perpetuates unequal rewards and life chances in a society 

Wage Gap- differences between the hourly earnings of different social identity groups 

Wealth- money sitting in the bank and the ownership of economic assets, minus debts

Wealth Gap- differences in the amount of money and economic assets owned by people from different social identity groups