SOC 1100 Chapter Notes - Chapter 8: Social Mobility, Bourgeoisie, Feudalism

• School: University of Guelph
• Department: Sociology
• Course: SOC 1100
• Professor: Patrick Parnaby

Document Summary

Social stratification: refers to the way in which society is organized in layers or strata. Social inequality: the uneven distribution of rewards and resources in a society. Income: money received by an individual or household in a given time period. Measured through data collection of income tax using the gini coefficient. Wealth: also called net worth. " total value assets minus debts. Created by a lack of saving by the middle class. (two major categories of material resources. ) A quintile divide population by 5. A decile divide population by 10. If there was perfect equality of income, the top 10% of the population would earn 10% of the income, the bottom 10% would earn 10% of the income and so on. Wealth inequality is more important because this shows how much people save and can spend for school and other things after paying expenses. To fix the inequality, government redistribute income and wealth through tax rebates.