Chapter 7 (1).DOCX - Korgen, Sociology in Action, 2e...

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Korgen,Sociology in Action, 2eLecture NotesCHAPTER7: CONFRONTINGECONOMICINEQUALITYLearning Objectives7.1 What is the difference between income and wealth?7.2 How do major sociological theories explain income inequality?7.3 What is social stratification and how does it work in society?7.4 How do we distinguish social classes in the United States?7.5 How has social mobility changed in the United States?7.6 What are the impacts of class position on education, health, and other social outcomes?7.7 What programs might address income inequality?Chapter OutlineI.What is Economic Inequality?A.Economic inequality: unequal distribution of economic resources like income andwealth.B.Lifestyles that people in a society can afford differ based on the economic position.C.Possible reasons for economic inequality:i.Varying degrees of talent or hard work or luck.ii.Influence of gender, race, and sexual orientation.D.Measuring Inequalityi.Income:Money received in exchange for services or investments.
Korgen,Sociology in Action, 2eii.Wealth:Worth of your assets minus your debts.iii.Income Inequalitya.Those with good educations and special, in-demand skills earn more.b.People with great responsibilities also should earn more than others.c.Income during economy cycles.iv.Wealth Inequalitya.One cannot accumulate substantial wealth without a good income.b.Individuals and families have assets that they inherit or that their parents canshare with them.c.Wealth gap in the United States is even more significant than the income gap.d.Gini coefficient: measure of economic inequality.1.Measures how much income would need to be distributed to have acompletely equal society.2.The higher the coefficient, the more economic inequality.v.Reasons for economic inequality:a.Changes in technology, globalization, and the declining power of unions.b.Tax policies favoring the wealthy, the erosion of social safety nets, and theincreasing costs of college.c.Those at the bottom of the income ladder face declining opportunities.d.Greater concentration of wealth at the top; the wealthy have more politicalinfluence and can shape legislation.

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Term
Summer
Professor
GRIFFEN

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