Chapter 12

Question 1

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.

Answer 1

Social Stratification

Question 2

discretionary income

Answer 2

extra money available to household above what is needed for comfortable living

Question 3

ascribed status

Answer 3

rewards obtained because born into wealth

Question 4

behavioural economics

Answer 4

concerned with the “human side” of economic decisions

Question 5

taste culture

Answer 5

consumer group sharing aesthetic and intellectual preferences

Question 6

Conspicuous consumption

Answer 6

purchase and display of luxury good to provide evidence to others of the ability to afford them

Question 7

ranking of social desirability in terms of consumers access to money, education, and luxury

Answer 7

status hierarchy

Question 8

achieved status

Answer 8

resources allocated to people who earned them thought hard work

Question 9

consumer confidence

Answer 9

state of mind of consumers relative to their feelings about economic conditions

Question 10

classification segmenting consumers in terms of changes in income and family composition

Answer 10

family life cycle

Question 11

Potlach

Answer 11

host shows off wealth and gives gifts to guests

Question 12

status symbols

Answer 12

products purchased and displayed to signal membership in a desirable social class

Question 13

parody displays

Answer 13

deliberate avoidance of widely used status symbols; person seeks status by mocking it

Question 14

social class

Answer 14

overall rank of people in a society

Question 15

Sandwich generation

Answer 15

a generation who cares for children and parents

Question 16

boomerang kids

Answer 16

grown children who return home to live

Question 17

consumer demand

Answer 17

willingness or ability to buy

Question 18

brand aspirational shoppers

Answer 18

low incomes but obsessed with names like KitchenAid

Question 19

value price shoppers

Answer 19

like low prices and cannot afford more

Question 20

price sensitive affluents

Answer 20

wealthier shoppers who love deals

Question 21

pecking order

Answer 21

relative standing in society; this determines access to resources

Question 22

social mobility

Answer 22

movement from one class to another

Question 23

Relative Standing in society

Answer 23

Standing determines access to resources
Education, housing, consumer goods
We try to improve our standing by moving up social order whenever possible

Question 24

Homogamy

Answer 24

birds of a feather flock together, EX. marry people in similar social class to ourselves

Question 25

Peaking Order

Answer 25

relative standing in society

Question 26

BRIC

Answer 26

Brazil, Russia, India and China

These countries are expected to overtake European and North American Economies

Question 27

Occupational Prestige

Answer 27

People judge others in regard to occupation

Low occupational prestige does not mean low income