SOC100 Chapter Notes - Chapter 5: Gerhard Lenski, Elite Theory, Cadency
14 Apr 2016
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Document Summary
Social inequality refers to an unequal distribuion of resources including wealth, presige, or power that in turn efects personal outcomes such as educaional or occupaional atainment and health. If you were born in a rich family vs. a poor family you would have access to a beter school, warmer clothes, more inluence over people etc. Financial wealth corresponds to economic assets that are derived from income, real estate, savings, stocks, bonds, income-generaing investments, and other sources of revenue or capital. Median is an indicator of the middlemost value, meaning half of canadians families have an income above this amount and half have income below it. Cost of living a measure of the average price for essenial goods and services in a given area including transportaion. There is a high cost of living in northern countries where provisions have to be delivered there, which increases price of food. Net worth total assets calculated by subtracing exising inancial liabiliies from assets.
