Study Guides (400,000)
CA (160,000)
UTM (6,000)
PSY (900)
PSY100Y5 (300)
Final

PSY100Y5 Study Guide - Final Guide: Social Stratification, Human Capital, Chronic Poverty


Department
Psychology
Course Code
PSY100Y5
Professor
Dax Urbszat
Study Guide
Final

This preview shows page 1. to view the full 4 pages of the document.
Chapter 6
Social stratification- The way society is organized in layers or strata.
Wealth
Wealth is what you own (basically all of your assets)
o Assets minus liabilities = wealth
Wealth can also improve your health
Net worth= asset minus debt
The net worth of the richest quintile has increased 64%
Rich get richer and the poor get poorer
Income
Income is the amount of money earned in a given period.
Income gaps have been widening for about three decades now
If Canadians relied only on the market to distribute income, inequality would be much greater
Income inequality
Genes play only a minor role in determining income
Effort
Human Capital- is the investment in education and training
o Just as productivity increases by upgrading manufacturing plants and introducing new
technology.
o Productivity gains can also result from investment in the skills and abilities of people.
o Human capital interpretation of the link between schooling and incomes
o Almost everyone makes the same human capital investments
Social Capital- The networks or connections that people possess
o Success is tied to strong bonds of trust, cooperation, mutual respect etc.
Culture capital- comprises the set of social skills people have
o Their ability to impress others, to use tasteful language and images effectively to
influence and persuade people.
Connections and culture can help you find a good job
Poverty
Homeless people are at the very bottom
Homelessness is one manifestation of poverty.
Poverty lacks a agreed on definition
Absolute poverty- lacks the basic necessities (such as shelter, food, clothing)
Relative poverty- poor based on the community you live in
o Poor compared to the community standards
Low income cutoff (according to stats Canada)- the income level at which a family may be in
impoverished circumstances because it has to spend a greater proportion of its income on
necessities than the average family of a similar size
o 10% of the population
You're Reading a Preview

Unlock to view full version