Chapter 5 Flashcards
Define SOCIAL INEQUALITY
An unequal distribution of resources
Define SOCIAL STRATIFICATION
Socially sanctioned patterns (or classes) of social inequality that exist in society and that are based on distinguishable attributes such as race, age, gender, income, or occupation.
Define CASTE SYSTEM
A hierarchical system of stratification based on inherited social standing.
Define SOCIAL CLASS
Shared membership in a group based on economic standing.
Define CLASS SYSTEM
A hierarchical system of stratification based on achieved and ascribed economic measures such as annual income or the possession of resources.
Define SOCIAL MOBILITY
Movement that occurs within and between social classes in a stratification system.
Define INTRAGENERATIONAL MOBILITY
Changes in social class that occur within a person’s lifetime.
Define SOCIOECONOMIC STATUS
Social standing based on a combined measure of education, income, and occupation.
Define INTERGENERTIONAL MOBILITY
Changes in the social class of children relative to their parents.
Define FINANCIAL WEALTH
Corresponds to economic assets derived from income, real estate, savings, stocks, bonds, income-generating investments, and other sources of revenue or capital.
Define COST OF LIVING
A measure of the average price for essential goods and services in
a given area, including transportation.
Define NET WORTH
Total assets calculated by subtracting all existing financial liabilities from assets.
Define LOW-INCOME CUTOFF
An annual family income value in dollars below which a family is worse off than average due to the high proportion of income allocated to food, clothing, and shelter.
Define HOMELESSNESS
A state in which a person is unable to secure a permanent residence.
Define RECESSION
A general economic decline that persists for two or more three-month periods
