Chapter 6 - Social Inequality Flashcards
Financial wealth
Corresponds to economic assets that are derived from income, real estate, savings, stocks, bonds, income generating investments, and other sources of revenue or capital
Cost of living
A measure of the average price for essential goods and services in a given area including transportation
Net worth
Total assets calculated by subtracting all existing financial liabilities from assets
Low-income cut-off (LICO)
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
Homelessness
A state in which a person is unable to secure a permanent residence
Recession
A general economic decline that persists for two or more three-month periods
Gross Domestic Product (GDP)
An overall indicator of a country’s economic productivity based on good and services as measured by household consumption, government spending, and investments
Social safety net
Services and programs designed to lessen financial burdens experienced by low-income groups
Canada’s social infrastructure
Includes a host of public services such as transit, libraries, parks, and recreation along with various incentives and programs that comprise the social safety net
Social stratification
Socially sanctioned patterns (or classes) of social inequality that exist in society and are based on distinguishable attributes such as race, age, gender, income, or occupation
Caste system
A system of stratification that is based on inherited social standing
Class system
A system of stratification that is based primarily on economic measures such as annual income or the possession of resources
Social mobility
Movement that occurs within and between social classes in a stratification system
Intragenerational mobility
Changes in a social class that occur within a person’s lifetime
Socioeconomic status
Social standing based on a combined measure of education, income, and occupation
