SOC101Y1 Lecture Notes - Lecture 9: Gini Coefficient, Unemployment Benefits, Usa High
Document Summary
Economic position doesn"t necessary determine status or power. 1 criteria of stratification may influence others. Inflation: the increase over time in the cost of a standard basket of goods and services. Too much money chasing too few goods and services. If people have more money than the cost of current goods and services, the price of goods and services go up. When prices go up over time inflation takes place people"s purchasing power . In canada inflation occurs on average of about 2% a year. People do a monthly survey of the cost certain goods: calculate rate of inflation or consumer price index increase/decrease in cost of a standard basket of goods and service from one time to another. Instability and unrest if there is high inflation wages start to not mean anything because the cost is too high and no one can afford anything.
