Exam 2 Flashcards
(65 cards)
Economic Inequality - McNamee & Miller
the unequal distribution of income and wealth, with significant implications for social mobility and privilege
Social Mobility - McNamee & Miller
the ability to move/navigate between different social standings depending on social status
Income - McNamee & Miller
the flow of financial resources (wages, dividends, etc.) over a set period of time
Wealth - McNamee & Miller
the total value of all owned assets MINUS liabilities/debts, giving a snapshot a financial status at a particular time
Gini Ratio - McNamee & Miller
measures INCOME inequality; higher values mean GREATER inequality
(0 - Lowest, 1 - Highest
Social Class Placement - McNamee & Miller
initial socio-economic status affects future life outcomes
Transference of Wealth - McNamee & Miller
most wealth is accumulated and passed down through estates; affects upper echelons of society
Quality of Life - McNamee & Miller
higher living standards and access to opportunities based on inherited wealth
Cultural Capital - McNamee & Miller
the knowledge and etiquette acquired through privileged upbringing
Social Capital - McNamee & Miller
the networks that provide advantages and resources
Head-Start Assets - Shapiro
the financial assistance for critical expenses (down payments on houses, etc); can greatly influence socioeconomic status
Inheritance vs. Meritocracy - Shapiro
the comparison between the ideal of a self-made, hard-working individual versus the reality of inheriting success from previous generations
Transformative Assets - Shapiro
resources that significantly impact a family’s socioeconomic wealth (e.g. inherited wealth); foundational support for homeownership, investments, education
The Barrys - Shapiro
a family that received $30K from parents on down home payment and other expenses; reflects Inherit vs. Merit (i.e. self-worth through work)
Income Inequality - Inagraham
the difference in earnings from work/investments; examples like CEOs earning 300x more than average workers
Wealth Inequality - Inagraham
the concerns of ownership of assets (houses, cars, savings) which can accumulate over time; greater disparities
Self-Perpetuating Wealth - Inagraham
the wealth that increases through asset appreciation and investments
Scott Clark - Witte
a former circuit factory worker who lost job in 2001 and had to work short-term jobs w/o healthcare/job security; uncertain about future
Lori G. Kletzer - Witte
expert economist who highlights uncertainty in middle class job sustainability
Chuck Moore - Witte
a college graduate who struggles finding work in economy despite qualifying degree
Job Loss Factors - Witte
losses stem from global competition & technological advances; positions erased by machines or overseas labor
Job Market Vulnerability - Witte
the variety of jobs that support middle class now facing threats of outsourcing & automation
Global Economy - Perrucci & Wyson
the system of multinational corporations exerting influence; leads to job displacements and labor dynamic shifts
Privileged Class - Perrucci & Wyson
the top 20% of income earners benefitting from economic changes & corporate profits