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Ch.7. vocab
exam 2
| Term | Definition |
|---|---|
| capital | the resources we use to get things we want and need |
| economic capital | financial resources that are or can be converted into money |
| economic elite | the minority of people who control a disproportionate amount of wealth |
| social mobility | opportunity to move up or down in the economic hierarchy |
| proletariat | a class of people who are employed by others and work for a wage |
| bourgeoisie | a class of people who employ the workers |
| means of production | resources that can be used to create wealth |
| labor | the work people can do with their bodies and minds |
| alienation | the feeling of dissatisfaction and disconnection from the fruits of one's labor |
| crisis of capitalism | a coming catastrophic implosion from which capitalism would never recover |
| class consciouness | an understanding that members of a social class share economic interests |
| socialism | an economic system based on shared ownership of the resources used to create wealth that is then distributed by governments for the enrichment of all |
| free market capitalism | a capitalist system with little or no government regulation |
| labor unions | associations that organize workers so they can negotiate with their employers as a group instead of as individuals |
| social safety net | a patchwork of programs intended to ensure that the most economically vulnerable do not go without basic necessities like food, clothing, and shelte |
| living wage | an income that allows full-time workers to afford their basic needs |
| welfare capitalism | a capitalist economic system with some socialist policy aimed at distributing the profits of capitalism more evenly across the population |
| contradictory class locations | positions in the economy that are in some ways like the proletariat and in other ways like the bourgeoisie |
| service and information economy | an economy centered on jobs in which workers provide services or work with information |
| precariat | a new class of workers who live economically precarious lives |
| working poor | people in the labor force who earn poverty-level wages |
| protestant work ethic | the idea that one's character can and should be measured by one's dedication to paid work |
| glass ceiling | an invisible barrier that restricts upward mobility |
| glass floor | an invisible barrier that restricts downward mobility |
| wealth gaps | differences in the amount of money and economic assets owned by people from different social identity groups |
| wage gaps | differences between the hourly earnings of different social identity groups |
| colorism | prejudice against and discrimination toward people with dark skin compared to those with light skin, regardless of race |
| legitimation | a process by which a potentially controversial social fact is made acceptable |
Created by:
msohniaa
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