SOC 1300 Study Guide - Quiz Guide: Economic Restructuring, Working Poor, Socioeconomic Status
25 Jul 2016
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Social stratification: examines inequalities among individuals and groups. Inequality: unequal distribution of valued goods and opportunities that has varied widely in our history. Slavery: one of the first systematic examples of inequalities to appear, contains people without any rights or citizenship who can be compelled to work for others, mainly the wealthy people. Feudalism: a social order in which those who own land(landlords) are entitled to receive the products of the laborers. Serfs: laborers who are legally obligated to work for the landowner. Medians: the midpoint of all families, where half of all such families are above and half are below. Income: receipt of money or goods over a particular accounting periods. Inequalities of income and wealth are central in a fundamental concept by its differences. Wealth: the net value of the assets owned by individuals or family; real estates. Net financial assets: composed of the total value of savings, investments, and other convertible assets.
