Social Class and Poverty

Question 1

Social class

Answer 1

A group of individuals who share a similar socio-economic position based on income, wealth, education, and occupation

Question 2

Income

Answer 2

The amount of money you earn from employment (work)

Question 3

Wealth

Answer 3

The total amount of money you have.
Wealth can come from sources such as savings, investments, and inheritance.

Question 4

Is social class ascribed or achieved?

Answer 4

Ascribed status: generally refers to a position you were born into.
Achieved status: generally refers to a position you gain through your achievements, abilities, or efforts

Question 5

Social mobility

Answer 5

Upward mobility is no longer the overriding feature of the American experience

Question 6

Poverty

Answer 6

Poor is considered an individual who can’t afford life’s necessities
11.1% in poverty in 2023

Question 7

Why are people poor?

Answer 7

Wage levels are lower in the US
Low expenditure done by the US

Question 8

Consumer exploitation

Answer 8

Poverty is the condition of not having enough choices and being taken advantage of because of that.
When people do not have as many choices it is easier to exploit them.
Ex. the housing market, the credit market
When you have money then you have more choices

Question 9

Poverty is relational

Answer 9

We don’t typically talk about poverty as a condition that benefits some of us but it does.
Advantageous for workers like Uber who are in poverty trying to make money
When companies are allowed to pay workers less, then consumers can benefit from lower prices.

Question 10

Poverty is a policy choice

Answer 10

Wealthier Americans gain significantly more valuable benefits through government policies than poorer Americans.
Mortgage interest tax deductions, tax-free deposits into retirement accounts, reduced tax rates, and write-offs for capital gains