SOC 1105 Lecture Notes - Lecture 3: Social Inequality, Working Poor, Social Mobility
15 Jan 2018
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Document Summary
Many people think of canada as middle class society by the society is highly stratified. Poor canadian families struggle from a day to day simply to make ends meet. Wealthy families control most of the money, benefit from more schooling, and enjoy better health. People often talk of inequality as it were determined solely by money. Socio-economic status is a composite measure of social position that considers also power, occupational prestige and schooling. Income is occupational wages or salaries, earnings from investments, and government transfer payments. In 2011 the average family income was (2 parents, 2 kids) Two parent (two earner) families have significantly higher income. Top 20% gets 44. 3% of all income (2011) The gap gets much larger between the two. The gap keeps a very similar close gap. Income is only one component of wealth: the total amount of money and other assets, minus outstanding debts. Stocks, bonds, real estate, and other privately owned property.
