Socioeconomics Flashcards
Define:
A) Social Class
B) Absolute poverty
C) Relative poverty
A) A group of individuals who share a similar socioeconomic position based on income, wealth, education, and occupation
B) Not being able to afford basic necessities such as food, shelter, and clothing
C) Being poor in comparison to other people in society
Define:
A) Income
B) Wealth
A) Money earned from employment and investments
B) The total amount of money or assets someone owns (including property, savings, investments, and inheritance)
Define:
A) Mobility
B) Intergenerational mobility
A) Moving from one’s social class position to another, can be up or down
B) Differences in social class position between family members of different generations
Define:
A) Ascribed status
B) Achieved status
A) Position you were born into or that you take involuntarily later in life
B) A position you gain through achievements, abilities, or efforts
Approximately ____ of first-time buyers received financial assistance from family members
30%
How is intergenerational income mobility measured?
Measured using a coefficient value that ranges from 0-1. If parents and their adult children were located in the exact same positions in their income, a value of 1 would result. If their income distribution was completely unrelated, a 0 would result.
A) What is intergenerational income mobility currently like?
B) In Canada?
A) Mobility is slightly decreasing, it is now more likely that a child from the bottom 20% of parental income stays the same as an adult
B) Canada is a fairly even mobile country
A) What is social stratification?
B) Three facts about it?
A) A system by which society categorizes people and ranks them in a hierarchy
B) Persists across generations, results in different life chances, a system of social inequality (unequal access/distribution to resources and opportunities)
In regards to stratification, Define:
A) Closed (give three examples)
B) Open
C) Socioeconomic class systems
A) Social systems that have little social mobility; social position based on ascribed status
Examples: Indian caste system, European feudal system, Apartheid in South Africa
B) Social systems that allow for social mobility; achieved rather than ascribed
C) They combine ascribed status and personal achievement in a way that allows for some social mobility
Define:
A) Equality of opportunity
B) Equality of condition
A) Everyone has an equal chance at success and equal access to resources
B) Everyone has roughly equal levels of wealth, status, and power
A) Define meritocracy
B) Facts about meritocracy
Concept that social mobility is based on personal merit and individual talents.
B) Advantages an individual starts with affects where they end up in life, most systems are not entirely meritocratic
Two global inequality not so fun facts
1) Workers in the lowest 50% earn about 6.4% of global pay
2) Top 1% has 3x growth rate for wealth, rich get richer
Who was generous welfare policies?
Europe
Banks are ____ likely to give money to the poor and middle class
less
_____ is now the reason for rising inequalities
Trade
