Sociology: Social Class & Inequality - Midterm

Front 1

Class

Back 1

A social division resulting from the uneven distribution of economic resources: determined by economic factors (occupation, family resources etc)

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Disinvestment

Back 2

When public services start to deteriorate after the withdrawal of tax dollars and the participation of the powerful & wealthy

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Exploitation

Back 3

The domination group benefits by restricting access to certain kinds of resources or positions, and is ale to control the laboring effort of another for its own advantage- i.e. large landowners seize control of land, exclude peasants from gaining access and reap the benefits from it being their own (crops)

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Game Riggers

Back 4

Small part of the top one percent that create conditions for extracting wealth from the 99%, increasing inequality and poverty

Front 5

Globalization

Back 5

Whole world is being brought into one economic system, dominated by large corporations

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Income Quintile

Back 6

Range of income that represents the population

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Inequality Death Spiral

Back 7

A downward pattern of worsening social, ecological, and economic conditions that result from growing inequalities of wealth, power, and opportunity i.e. damages democracy (reducing voting power), weakens public trust (breaks down social cohesion), decreases vertical mobility (loss of opportunity), undermines economic growth (instability in stock market, reduces investments, crash the housing market, increases unemployment and underemployment), Erodes public services (gov support of libraries, parks, pools, education etc), Shreds Safety Nets, damages peoples health (lack of affordable healthcare).

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Median Income

Back 8

The earnings of the class in the middle

Front 9

Middle Class Squeeze

Back 9

Lower middle class is getting lower, upper middle class is getting higher- i.e. has been slipping the last 30 years, people may maintain their standard of living by working more hours, 3 job couple, excessive use of credit card

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Offshoring

Back 10

Movement of jobs from the USA to countries with lower wages

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Opportunity Hoarding

Back 11

The process where access to a position becomes restricted, closed off to some people - i.e. in order for a job to give special advantages and high income, people have various ways of excluding people (must have a college degree, must have money for that degree etc)

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Party

Back 12

Power, ability to get ones way with others, even against their will.

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Power Elite

Back 13

Heads of the largest corporations, holds key positions in government, has control over political processes (lobbying and super PACs, billions spent of propaganda, corporate control of media)

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Privatized Services

Back 14

High costing services because the 1% don't rely on commonwealth services and prefer tax cuts and limited government to leave them with more money to spend on these services

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Real Income

Back 15

Refers to the income of an individual or group after taking into consideration the effects of inflation on purchasing power

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Safety Nets

Back 16

Government services that prevent people from falling into poverty (food stamps, housing subsidies, cash payments)

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Social Cohesion

Back 17

When people of a society experience a sense of unity, common identity, and concern / trust for one another

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Social Injustice

Back 18

An inequality which is unfair and which could be remedied if our social institutions were different i.e. social injustice for African Americans to be denied admission to all-white universities before the end of racial segregation, its not just bad luck to be born black and denied admission, but it is grossly unfair inequality in education that could have been remedied by a change in social institutions

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Status Group

Back 19

Group which is characterized by a specific positive or negative social estimation of honor (wealthy, rich etc)

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Wealth

Back 20

Material assets - stocks, bonds, real estate, savings, trusts

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Functional Theory

Back 21

Stratification is necessary and useful for society. People require special talents and motivation to work these jobs and get wealth money and prestige.