Chapter 7: Flashcards
1
Q
income
A
salary earned from work and earnings from investments
2
Q
wealth
A
total value of money and assets, minus one’s debts
3
Q
intergenerational mobility
A
the net change in economic class from parent to child
4
Q
Weber’s view on stratification
A
Weber thought we are ranked by more than just our economic power. He developed the idea of socioeconomic status (SES) as a combined ranking; society gives us a rank that is combined on three measures:
- power
- income
- esteem
5
Q
power
A
ability to create favorable outcomes
6
Q
income
A
how much money earned
7
Q
esteem
A
how much prestige and respect
8
Q
absolute poverty
A
lack of resources necessary for health and survival
9
Q
relative poverty
A
lack of resources relative to what others have
