SOC 105 Lecture Notes - Lecture 4: Economic Inequality, Stock Market, Market Basket
Document Summary
Income: the economic gain derived from wages, salaries, income transfers (governmental aid), or ownership of property. Wealth: the value of all economic assets, including income, personal property, and income-producing property. Social class: class system of social inequality based on the ownership and control of resources and on the type of work people do (often determined by occupation) Concentration of income: in 2010, the share of the national income of the richest. 20% of households was 50. 2%, while the bottom 20% received only 3. 3% Reducing inequality can benefit a large amount of people. Private wealth: in usa, combined net worth of 400 richest in 2011 was more than total wealth of the bottom 185 million. Families in credit debt (used a large amount of credit cards) Wage decline: people work more and use credit to make ends meet. Subprime loans sold to people with bad credit. Wall street"s irresponsible deal making (loans sold to third parties)
