10 Social Class

Question 1

Global & Economic Inequality

Answer 1

The Highest-Earning 20% of U.S. Households Make More Than Half of all U.S. Income

Gini Coefficient Among G7 Countries

Question 2

Social Stratification

Answer 2

Processes in a social system by which scarce and valuable resources
are distributed unequally to status positions that become more or less permanently ranked in
terms of the share of valuable resources each receives (a creation of artificial divisions

Question 3

Societal Rank

Answer 3

One’s position relative to others on one or more dimensions valued by
society, also referred to as social class and social standing

• Socioeconomic factors
• Societal standing
• Unique behaviour

Question 4

Status Symbols

Answer 4

Invidious consumption
Conspicious consumption
Leisure class
Trophy wives
Cougars
Brand prominence
Status signaling

Question 5

Status Signaling

Answer 5

Wealth (Haves & Have nots) vs Need for Status (High Low)

Proletarian
Poseur
Patrician
Parvenue

Question 6

Upward Pull

Answer 6

• Middle Class
• Aspirations
• Prefer
• Positioning

Question 7

Summary Social Class

Answer 7

Now, You Know…

…that income is distributed extremely unequally across the globe and why we
seem to be ok with that
…that we group consumers into social classes that say a lot about where they
stand in society
…individuals like to make a statement about where their societal standing, or
the class they aspire to belong to