chapter 7 Flashcards
What is the difference between income and wealth?
income = earnings
wealth = income + assets - debt
What makes up socioeconomic status?
-class
-status/education
-occupational prestige
How much wealth does the upper class have?
top 10-20% of income earners, hold 85% of all wealth
What percentage of the US population lives in poverty?
12.8%
How is the poverty line calculated?
calculated as 3x what the average family spends on food, outdated
What trends have occurred in the real value of the federal minimum wage over the last 60 years or so?
the value has decreased
What characteristics did we examine in terms of how income varies across groups/individuals?
race, LGBTQ+, gender
What is the most common source of debt? What is the second most common source of debt?
student loans and other
What are some of the social consequences of economic inequality?
-lifestyle differences
-life expectancy
-education
-health & healthcare costs
