Chapter 13: Social Class and Status

Question 1

Define social class

Answer 1

a group of people with similar levels of prestige and esteem, who share beliefs, attitudes, and values expressed in their thinking and behavior

Question 2

Explain the types of capital of the different social groups

Answer 2

• economic capital: is money and wealth
• social capital: it is the aggregate of actual and potential resources within one’s social network (it can be in the form of a common family name or school)
• cultural capital: refers to a set of distinctive taste, skills, and practices. Each social class group shares the same knowledge (is especially noticeable in consumers’ preferences for and taste in hobbies, food, furniture, and clothing)

Question 3

Explain what a reputation economy is

Answer 3

The “currency” people earn is approval rather than cold hard cash

Question 4

Explain proxies

Answer 4

It is the indicators of one’s position in society

Question 5

Define social status

Answer 5

Where we think we stand in a society. We compare ourselves and what we have to others and what they have

Question 6

Define financial deprivation

Answer 6

The sense of not having as much money as your peers have

Question 7

Differentiate between upward and downward comparison

Answer 7

• Upward comparison: aspirational social reference groups
• Downward comparison: looking to the less fortunate

Question 8

Differentiate between status symbols and status seeking

Answer 8

Status symbols: possessions (e.g., luxury brand items) or services (e.g., spa treatments or personal shoppers) that communicate wealth or prestige to others

Status seeking: a significant source of motivation to purchase products and services that will let others know we’ve “made it”

Question 9

Define conspicuous consumption

Answer 9

The desire to showcase visible evidence of their ability to afford luxury goods also known as status signaling

Question 10

Define invidious distinction

Answer 10

We use our purchases to inspire envy in others through our display of wealth or power

Question 11

What is homogamy

Answer 11

This is when people marry from the same social class

Question 12

Define social stratification

Answer 12

Refers to the creation of artificial division that allows us to understand the structure of society

Question 13

What are the seven main strata’s used to characterize consumers (PETNTEE)

Answer 13

1. Precariat: they are extremely unlikely to get a higher education, most experience a high degree of economic insecurity
2. Emergent service workers: this is a young urban group that is relatively poor, but has high social and cultural capital. They are the youngest group.
3. Traditional working class: they are not completely deprived despite scoring low on all forms of capital. It’s members tend to have properties with reasonably high values. Has a high number of traditional working class jobs (such as truck drivers, cleaners and electricians)
4. New affluent workers: a young socially and culturally active group, middle levels of economic capital. They tend to come from non-middle class families and work in white or blue collar jobs. This group is economically secure without being very well off.
5. Technical middle class: are a small, distinctive new class group which is relatively prosperous, good savings and home ownership. It’s members have primarily used their scientific and technical skills to gain reasonably secure and well-rewarded work, but they are socially and culturally disengaged.
6. Established middle class: who are the largest group with high scores on economic, social and cultural capital. Engineers and nurses tend to come from this category
7. Elite: who are a small but powerful group, whose members have extensive social contracts, are educated at top universities. Professions in this group include CEO’s marketing directors and dentists

Question 14

Define occupational prestige

Answer 14

It is a way in which we determine one’s social class based on a job