Chapter 12 Flashcards
process in social system where scarce and valuable resources are distributed unequally to status positions thus leads to rank based on share of resources received.
Social Stratification
discretionary income
extra money available to household above what is needed for comfortable living
ascribed status
rewards obtained because born into wealth
behavioural economics
concerned with the “human side” of economic decisions
taste culture
consumer group sharing aesthetic and intellectual preferences
Conspicuous consumption
purchase and display of luxury good to provide evidence to others of the ability to afford them
ranking of social desirability in terms of consumers access to money, education, and luxury
status hierarchy
achieved status
resources allocated to people who earned them thought hard work
consumer confidence
state of mind of consumers relative to their feelings about economic conditions
classification segmenting consumers in terms of changes in income and family composition
family life cycle
Potlach
host shows off wealth and gives gifts to guests
status symbols
products purchased and displayed to signal membership in a desirable social class
parody displays
deliberate avoidance of widely used status symbols; person seeks status by mocking it
social class
overall rank of people in a society
Sandwich generation
a generation who cares for children and parents
