Inequlality Flashcards
Class (Social)
Social inequality based upon wealth
start poor end rich
Caste
Born into wealth
inherit it
Absolute poverty
unable to afford basic necessities of life
Meritocracy
merit your earnings
Market Basket Measure
Indicates Canadian population living in absolute poverty
Middle class
Canadian society with 45-100K income
Relative Poverty
Unable to afford standard cost of living
Social Mobility
Change from one social class to another
Plutocracy
Social positions based on preexisting wealth
Low income measure
indicates population living in relative poverty
Globalization
economies of several countries become increasingly intertwined
Gini coefficients
indicates country level of inequality
Global stratisfication
inequality on a worldwide scale
Distribution & High tax on rich people
2 gov activities explains why pre tax is higher than post tax inequality
Modernization Theory
underdeveloped countries can progress economically by technology
NIDLT
underdeveloped countries are exploited by other countries for cheap labour (outsourcing)
Second world
communist parts of the globe with moderate standards of living
Comparative advantage
good or service that a country is best placed to focus on economic growth