Podcast
Questions and Answers
After the collapse of the housing market, many people could not afford their mortgages anymore and their homes went into foreclosure. For many people, it was a time of __________.
After the collapse of the housing market, many people could not afford their mortgages anymore and their homes went into foreclosure. For many people, it was a time of __________.
downward mobility
What is the most significant threat to the relatively high standard of living people are accustomed to in the United States?
What is the most significant threat to the relatively high standard of living people are accustomed to in the United States?
the decline of the middle class
What is the term for purchasing that is done to show off wealth?
What is the term for purchasing that is done to show off wealth?
conspicuous consumption
What determines a person's position in a country's social stratification?
What determines a person's position in a country's social stratification?
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Symbolic interactionists believe that most people socialize with those from different social classes.
Symbolic interactionists believe that most people socialize with those from different social classes.
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Cate and Harry are planning a wedding. They will have a(n) __________ marriage.
Cate and Harry are planning a wedding. They will have a(n) __________ marriage.
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How is the upper class defined in contrast to the upper-middle class?
How is the upper class defined in contrast to the upper-middle class?
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What seems to be the key to upward social mobility?
What seems to be the key to upward social mobility?
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What does the Davis-Moore Thesis state?
What does the Davis-Moore Thesis state?
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What system is Mohit living under if he accepts his lower-class status?
What system is Mohit living under if he accepts his lower-class status?
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Which factors are considered when evaluating someone's standard of living?
Which factors are considered when evaluating someone's standard of living?
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Study Notes
Recession and Its Effects
- In 2008, the U.S. recession impacted global economies, leading to widespread job losses and reduced consumer spending.
- Many individuals faced foreclosure due to inability to afford mortgages, illustrating a trend of downward mobility.
Threats to Living Standards
- The decline of the middle class poses a significant threat to the high standard of living in the United States.
Consumer Behavior
- Conspicuous consumption describes the act of purchasing high-cost luxury items, such as a $5,000 designer purse, to gain social status.
Social Stratification
- A person's social stratification is influenced by factors including wealth, power, income, race, and education.
Social Interaction and Class
- Symbolic interactionists observe that socialization predominantly occurs within one's social class, highlighting class-specific social networks.
Marriage and Class
- Exogamous marriages occur when individuals from different social classes marry, exemplified by the union of a Senator's daughter with someone from a working-class background.
Class Distinctions
- Upper class is characterized by control over life and others, while upper-middle class reflects control primarily over one's own circumstances.
Upward Mobility
- Education is a key factor in determining upward social mobility, significantly influencing an individual's potential to advance socially.
Davis-Moore Thesis
- This sociological theory posits that societal value placed on a profession correlates with the compensation received by individuals in that field.
Caste System
- Mohit’s situation in Mumbai exemplifies life under a caste system, where social mobility is limited, and acceptance of one’s class status is common.
Evaluating Standard of Living
- Factors such as education, wealth, and class collectively evaluate an individual's standard of living, underscoring the complexity of social status.
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Description
Test your knowledge on key concepts from Chapter 9 of economics. This quiz covers the impact of the 2008 recession and the related socioeconomic factors. Challenge yourself with flashcards that address downward mobility and other significant economic threats.
