study unit 5: Social Class

Question 1

what is social class

Answer 1

Social class refers to
the divisions between people based on differences in income and wealth, that is, the
divisions between the “have’s” and the “have not’s”.

Question 2

what is status

Answer 2

Status refers to the distinctions people make
between those who are worthy of more or less respect

Status therefore refers to the recognition
you can get from other people based on the lifestyle you manage to uphold. In a modern
industrial society, lifestyle refers primarily to the consumption of products, particularly
luxury items such as expensive houses, cars and clothes.

Question 3

distinguish between income and wealth

Answer 3

Income refers
to the amount of money coming into the household as a result of earnings in the form
of salaries, interest earned and dividends from shares.

Wealth is the sum of the things
owned by the household once one subtracts the debts of the household

Question 4

to what does social closure refer

Answer 4

Social closure refers to two things. It implies first the maintenance of boundaries
between those belonging to a higher and those belonging to a lower class and the
tendency of each group to socialise only among themselves

The second dimension of social closure refers to the mobilisation in which classes
engage in order to advance their own interests. Marxists refer to this as the class
struggle.

Question 5

state and explain the 3 types of capital

Answer 5

economic capital
It consists of wealth that the
wealthy are able to transfer to their children by bequeathing it to them upon their death.
While they are still alive, this wealth can also be put at the disposal of their children in
order to help them with new business ventures. It takes capital to start a new business,
and it is much easier to access this capital if you can borrow it from your parents

social capital
Social capital refers to the advantages to be derived from one’s social connections.
These advantages range from information about opportunities for advancement,
introductions to others who may be able to help you and credit to overcome temporary
cash flow problems to support when you experience short-term needs, such as
accommodation when you are away from home. The basis of social capital is reciprocity,
or relationships of mutual help. The understanding is that if you support me today, you
can come to me tomorrow when you need help in return

cultural capital
Cultural capital consists firstly of a good education at elite schools and universities.which provides the skills and social contacts that are necessary for future success. It is
also a mark of status to have attended an elite university