[SOC263H5] - Midterm Exam Guide - Comprehensive Notes for the exam (25 pages long!)
Document Summary
Soc263 lecture 3 social class & class privilege. Income is what one brings in, it is a flow of earnings. Wealth is a measure of all the stuff one has, accumulation of things: it is much more concentrated than income. Inequality refers to how far apart the top is from the bottom. Polarization also requires both wealth and poverty but is actually missing the middle. Visualize inequality through an hourglass with the middle part very small. Under polarization the population is grouped into or concentrated into two different regions, or poles of the income distribution: one poorer and one richer. Measure of inequality based on lorenz curve: 1 person 1 cookie, 2 persons 2 cookies, 3 persons 3 cookies. Thus the gini coefficient is the straight line through the middle on the lorenz curve. Ca(cid:374)ada gets a grade le(cid:448)el of a (cid:858)c(cid:863) a(cid:374)d ra(cid:374)ks (cid:1005)(cid:1006)th out of 17 other countries.
