SOC101Y1 Lecture : SOC101 Lecture #9
Document Summary
Inflation: the increase over time in the cost of a standard basket of goods and services. Real dollars: are nominal dollars minus inflation (so cost in real dollars is the cost of a standard basket of goods and services minus inflation and income in real dollars is nominal income minus inflation, or purchasing power) All workers are more productive (more production over a small span of time due to technology) 1951 11-12% of women worked in the paid labour force (2/3 now) Family income increased: entry of women into paid labour force. Radiology important, email x-rays overseas, consultation that s a lot cheaper. White collar workers can be shipped over to countries to do labour work. Oil has become a problem, health of the western economy. Need to know how income is distributed to know inequality. Income is what you make in a given time. Wealth is the assets you own minus the debt you own.
