Social And economic Part 1 Flashcards
several issues dealing with income and wealth:
a. Absolute wealth:
b. Relative wealth
c. Relative and absolute income deal with wages.
As we have already seen, most societies throughout history have engaged in some form of
social stratification.
Absolute wealth-
In this sense, this is how much wealth (income, savings, house) one has.
Relative wealth-
In this sense, this is how much one has relative to what’s available.
Relative and absolute income deal with
wages
It’s not really surprising that most people tend to use a __________ to determine their own place in the social hierarchy.
relative wealth scale
A situation in which people have great hardship meeting basic needs for food, shelter, and clothing.
Poverty
A situation in which a person is disadvantaged when compared to a particular situation or against an average or advantaged situation
Relative poverty
A Situation in which people lack resources To satisfy the basic needs we feel that no person should be without.
Absolute Poverty
According to some data, the middle class is defined as from around $45,000 to $89,000. Interestingly, the more that people make.....
the more they think it takes to be middle class.
Consider the “upward creep of desire”.
Who helped develop the official poverty line in the United States based on the consumer price index, and the ages and number of people in one’s family.
Mollie Orshansky
In order to understand poverty in America, we need to use concrete numbers so that we can see these problems in perspective like-
a. Poverty line
b. Minimum wage
The poverty lines were developed in the early _____ based on food expenditures by families under economic stress;
1960’s— that is, these were low ball estimates based on families in dire economic need.
The poverty line for 2009 for a single person under 65
was nearly 11,200.
For what it’s worth, single women with children are
the most likely to be under the poverty line.
