SOC100H5 Chapter Notes - Chapter 6: Underconsumption, Class Consciousness, Proletariat

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SOC100H5 Full Course Notes
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Social stratification the way society is organized in layers or strata: movement of individuals up and down the stratification system over time and their perceptions of the stratification system. Your wealth is what you own wealth is assets minus liabilities. Income is the amount of money earned in a given period. Sociologists believe that for the vast majority of people, genes play only a minor role in determining income. Human capital investment in education and training. Just as productivity increases by upgrading manufacturing plants and introducing new technology, productivity gains can also result from investment in the skills and abilities of people. Social capital the networks or connections that individuals possess: individuals are more likely to succeed if they have strong bonds of trust, cooperation, mutual respect and obligation with well-positioned individuals/families. And how relative: whether poverty ought to be defined narrowly in terms of economic measures (ex. Income) or more broadly with respect to community standard.

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