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| Phenotypical differences given meaning by the culture one occupies |
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| a socially constructed image of a group or group members that is based on generalizations and does not allow for individual differences |
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| social construction of race |
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| society gives meaning to the phenotypical differences of its members |
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| ideas and beliefs that support and justify the structure of a society |
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| society in which reward is based on merit |
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| the ability to achieve your will over the resistance of others. See Max Weber: legitimate power: authority. Illegitimate power: coercion |
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| state and local laws that mandated racial segregation |
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| institutional vs individual racism |
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| racism: the idea that group members can be separated into culturally-defined groups based on phenotypcial differences and that, as a group, some are superior to others. Institutional racism: is built into the structure of society. Individual racism: is one person's negative beliefs and actions against another. Institutional is much worse because one person can be avoided, but members of society cannot avoid racism built into the system |
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| each person occupies a point defined by the cultural meanings given to their multiple categories. combined effect of multiple social variables on a person’s life These variables are social constructs we inhabit these categories, but we are not these categories |
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| taking on the cultural norms and values of the dominate group. This is not multiculturalism in which diverse cultures live together in one place, but a replacement of a minority group's culture for the dominate group's culture. |
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| a measure of race in which any African ancestry classifies a person as black |
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| the use of one's culture as a measurement for other cultures. Judging another culture based on your norms and values |
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| groups within a society with less power and influence than the dominate group. does not describe number of group members. |
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| the dominate group within a society. The group with the power and influence. Does not mean the number of group members is greater than other groups |
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| the capacity of the individual to act independently and make free choices. Many sociological arguments stem from how much the structure within which one exists impacts one's agency |
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| let it be, do not act to change |
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| american dream - 4 tenants |
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| Arroding to Jennifer Hochschild: 1. everyone may pursue and achieve success; 2. success is worthy of pursuit; 3. success is won through hard work, and 4. the pursuit of hard work is virtuous. |
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| the philosophy committed to the ideal of limited government, constitutionalism, rule of law, due process, and liberty of individuals including freedom of religion, speech, press, assembly, and free markets |
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| the belief that liberalism should include social justice. It differs from classical liberalism in that it believes the legitimate role of the state includes addressing economic and social issues such as unemployment, health care, and education while simultaneously expanding civil rights. Under social liberalism, the good of the community is viewed as harmonious with the freedom of the individual |
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| ARM (adjustable rate mortgage) |
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| mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets |
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| the group of political philosophies which emphasize freedom, individual liberty, and voluntary association. Libertarians generally advocate a society with little or no government power |
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| an individual's wealth and cultural capital |
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| the portion of an individuals wealth and cultural capital that can be invested in an endeavor |
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| can mean the level at which someone can find work throughout their life or the condition of having skills that guarantee work throughout one's life. In the biotech and information ages, skills must be constantly augmented to ensure lifetime employability. |
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| person who was born during the demographic post-world war II baby boom between the years 1946 and 1964, according to the US Census Bureau |
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| a form of employment in which employees are guaranteed work for life from one company. If has been determined that this is usually an ideal not a reality |
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| someone who is employed to persuade legislators to vote for legislation that favors the lobbyist's employer |
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| the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made. |
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| a working-class person historically defined by hourly rates of pay and manual labor |
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| of or relating to a class of jobs, such as typist or telephone operator, once traditionally filled by women |
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| working class that is known for earning high average salaries and not performing manual labor |
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| a member of the service class |
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| that consumers will attempt to get the greatest value possible from an expenditure of the least amount of money "wanting more rather than less of a good". An assumption used to explain market behavior in microecon |
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the quotient of the sum of several quantities and their number. a mathematical average
1+2+3....6/3= 2 |
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the middle value in a list of values
1, 2, 3, 4, 5 = 3 |
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the number that is repeated most often in a list
1, 2, 3, 1, 5, 6, 1 = 1 |
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| moral equivalent of war: the creation of a common moral attitude within a society that is equivalent to that shared during war. Sustains political unity and civic virtue. Creates a common enemy |
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| a political or theological orientation advocating the preservation of the status quo within a society and opposing radical change |
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| buying expensive services and products in order to flaunt wealth and gain prestige. See Thorstein Veblen: display of consumption to attain status. Does not consider the higher needs of esteem and self-realization. (replaces Maslow's pyramid with owning things) |
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| provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers or independent contractors |
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| the exclusive possession or control of the supply or trade in a commodity or service |
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| workers who are employed on a permanent long-term basis |
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| natural laws of economics (3) |
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Definition
| Adam Smith: 1. Law of self interest; 2. law of competition; 3. law of supply and demand |
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| as each individual is interested in their own economic success, their endeavors to reach that goal will automatically and indirectly contribute to the overall success of the economy |
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| self interested competition in the free market, would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services |
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| the market will naturally fluctuate and settle at equilibrium through prices as supply and demand change |
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| a company or group of people authorized to act as a single entity (legal a person) a recognized as such in law |
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| Not In My Back Yard. Build polluting factories or other undesirable services in another neighborhood - usually ending with all of these services clustered in poor neighborhoods which don't have the resources to oppose |
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| non-financial social assets; such as educational, social networking, or societal category which might promote social mobility beyond economic means |
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| the loss of potential gain from other alternatives when one alternative is chosen. The value of the forgone best alternative |
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| cultural theory of poverty |
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| argues that the poor are not simply lacking resources, but also have a unique value system that contributes to their condition. Blames the individual, ignores the structure within which the individual must exist. |
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| outplacement professional |
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| a person who facilitates the termination of employees |
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| an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage bigger risks |
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| a state of limited competition, in which a market is shared by a small number of producers or sellers |
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| decline in industrial activity in a region or economy |
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| the estimated minimum level of income needed to secure the necessities of life |
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| the act of freeing from a regulation (especially from governmental regulations). Can lead to abuses such as financial lending deregulation lead to the current crisis |
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| the political orientation of those who favor progress toward better conditions in government and society: support change to improve society rather than supporting the status quo |
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| financial instruments whose value is derived from the value of something else |
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| all humans are equal in fundamental worth or social status |
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| return on investment: the ratio of money gained or lost on an investment relative to the amount of money invested |
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| the study of knowledge and of how we know. |
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| the condition of unlimited wants and limited resources |
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| foreign direct investment. companies investing in foreign production. leads to decentralized corporations without loyalty to workers or counties |
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| workload of women, and sometimes men, who work to earn money, but also have responsibilities for unpaid domestic labor. Primarily falls on women |
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| Gross Domestic Product: measure of production within a geographic area (country. the primary measure of production. Keep in mind that GDP may increase through the increase in production, but also through the increase in prices. It measures the total dollar value of production taking place within a country. It also does not indicate who benefits from the production. We must consider how much and to whom. |
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| Gross National Product: measure of production of all companies by nation of origin |
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| Socio Economic Status: categories based on income, education, occupation, geography, gender, race, etc. |
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| Banking Act of '33. established FDIC and banking reform to control speculation |
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| guidelines, principles, legislation and activities that affect the living conditions conducive to human welfare |
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| the increasingly global relationships of culture, people, and economic activity |
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| Adam Smith: aka invisible hand. the self-regulating nature of the marketplace. The idea of markets automatically channelling self-interest toward socially desirable ends and is the central justification for the laissez-faire economic philosophy |
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| structural theory of poverty |
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Definition
| the argument presented that poverty is a result of 'failings at the structural level' Not the fault of the individual |
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| a comprehensive vision,or a set of ideas proposed by the dominant class of a society to all members of the society (a 'received consciousness' or product of socialization). |
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| an assistance paid to a business or economic sector |
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| International Monetary Fund: international organization: 1944: to promote international economic cooperation, trade, employment, exchange rate stability and make resources available to member countries to meet balance of payment needs |
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| a culture's values are its ideas about what is good, right, fair and just |
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| positive sanctions used to encourage behavior, a payment or concession to stimulate greater output or investment |
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| negative sanctions used to discourage behavior, a financial disadvantage that tends to discourage people from doing something |
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| refers to possession, not income: savings, real estate, funds, stocks, bonds. |
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| inequality refers to disparity between individuals due to race, class, gender or other culturally defined categories |
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| information-based media content that includes entertainment content. criticism is that journalism is devolving from a medium which conveys serious information about issues affecting public interest into a form of entertainment. |
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| Real estate terms used to disguise racial descriptions of neighborhoods. Basketball is urban and often predominantly African-American and baseball is suburban and predominately white. |
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Definition
Geographic area that lacks access to jobs or ability to support people.
Also food desert: no fresh food access. ie liquor stores no grocery |
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| Absolute vs relative poverty |
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| Absolute: unable to acquire the basic necessities of survival. Relative: feeling poorer than those around you |
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| Minimize pain, maximize pleasure |
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| Production, distribution and consumption |
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| Spatially decentered firms |
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Definition
| a company that could produce a product with components manufactured in a half-dozen different plants around the globe and then assembled at a single location for distribution and sale.. lacks loyalty to workers or geography |
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| an invisible barrier that determines the level to which a woman or other member of a demographic minority can rise in an organization. |
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| means a system of society or government in which men hold the power and women are largely excluded from it |
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| a form of social organization in which descent and relationship are reckoned through the female line. |
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| defined in Wall Street's workaholic culture as someone who has no responsibilities outside of work. |
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| Cult of domesticity/Cult of true womanhood |
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Definition
| 1820-1860, idea that sought to assert that womanly virtue resided in piety, purity, submissiveness and domesticity. |
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| Sexual orientation/sexual preference |
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Definition
| Orientation = born, preference = choice |
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Definition
| A socially constructed primary group that, in the US, consists of one or more adults (parents) and their children. |
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Definition
| the ingredients that go into producing goods and services. 1. Labor 2. Capital |
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Definition
| War is seen as righteous, with a unity of purpose, and commitment to the war’s goals, with a clear-cut enemy, a brief struggle, always ending in victory |
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Term
| why are wants insatiable. |
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Definition
| because the attainment of wants creates more wants. |
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Term
| why are resources scarce. |
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Definition
| because technology is unable to grow at the rate of the increase of wants: therefore there will always be limits. |
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Definition
| all efforts of mind and muscle. |
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| all nonhuman ingredients of production |
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Definition
| known means/methods available for combining resources to produce goods and services. |
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| what is the best use of resources |
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Definition
| most fully satisfies the wants and needs of a society and minimizes the effects of scarcity while maximizing social well-being. |
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Term
| Production Possibility Curve |
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Definition
| Graphical representation of the maximum quantities of two goods and/or services that an economy can produce when its resources are used in the most efficient way possible. |
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Definition
| The value of the next best forgone opportunity. The cost of not producing one thing to produce another. |
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Term
| The Opportunity Cost Principle |
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Definition
| the principle that production of one thing always comes at the cost of something else. |
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Term
| Increasing Opportunity Cost |
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Definition
| The bow shape of the curve indicates that the opportunity cost to produce an item increases as more of that good is produced. |
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Term
| The Marginal Social Cost (MSC) |
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Definition
| A type of opportunity cost measurement in which each decision to allocate resources is considered on the basis of whether the public will be better off after the shift. |
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Term
| The Marginal Social Benefit (MSB). |
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Definition
| The measure of social well-being as resources are allocated |
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Definition
| The analysis used to determine MSC and MSB |
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Definition
| all sectors see increases in production |
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Term
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Definition
| one sector sees increases in production. |
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Term
| why is real GDP more accurate |
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Definition
| because it adjusts for inflation and is a more accurate indicator of economic growth by factoring out price increases (inflation) |
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Term
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Definition
| GDP adjusted for population to determine between how many people the results of production must be divided |
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Term
| What other factors beyond GDP can impact the success of an economy? (5) |
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Definition
| 1. quality of labor force. 2. stock of capital. 3. Capital accumulation. 4. Technology. 5. Efficiency |
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Term
| How is economic potential impacted by government control |
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Definition
| seems to need some freedom from governmental control – such as private property rights, though government intervention in the form of fiscal (taxation) and monetary (interest rates) policies that promote capital accumulation are also conducive to economic stability. |
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Definition
| capitalist. elements of pure market are: private ownership of resources (private property rights) and decentralized decision making coordinated through markets. |
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Definition
| communist. state ownership and/or control of economic resources and centralized planning. |
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| Best question to use to determine the type of economy |
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Definition
| How are resources allocated? |
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Term
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Definition
| economies that share traits from both Command and Market Economies. |
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Term
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Definition
| economies that are in the process of replacing aspects of Command Economy with those of Market Economy. |
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Term
| Geographic area of a market |
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Definition
| the area within which 2 parties are able to transfer info about and ownership of whatever is being exchanged. |
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Term
| what determines the quality of market-based resource allocation decisions |
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Definition
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Term
| 5 elements of a purely competitive market |
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Definition
| 1. enough buyers and sellers to ensure that no one acting alone can influence price. 2. Standardization of product. 3. Price free to move up and down without influence from government. 4. Buyers and sellers mobile enough to find price they want. 5. Sellers free to enter and leave the industry. |
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Term
| Purely Monopolistic Markets are characterized by |
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Definition
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Term
| Imperfectly Competitive Markets usually behave |
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Definition
| similarly to the markets with which they share the most characteristics |
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Term
| Demand quantity of a product |
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Definition
| is the number of units consumers within a market area are willing to buy and a particular price level. |
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Term
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Definition
| greater output, better incomes, opportunity, less unemployment, less poverty and less crime |
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Term
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Definition
| is a long-run process that results from a compounding of economic events over time. It is primarily measured by Real GDP which is the total value of all goods and services produced in an economy in one year. It seems to trend up, but short-run deviations do occur. Growth compounds year after year. This geometrically exacerbates both expansion and contraction trends. |
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Definition
| Short Run fluctuations which are composed of expansion periods, followed by peaks, followed by contraction periods, followed by troughs. |
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Term
| The Leading Economic Indicators Index |
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Definition
| a tool used to forecast changes in economic growth. |
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Term
| why are wages sometimes “sticky"...slow to respond to market fluctuations? |
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Definition
| because minimum wage earners’ hours supplied are often influenced by forces outside the market, and second because there is some structural lag in response by (demanders) employers to wage increases. |
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Definition
| reduction in demand for labor hours...quantity of labor demanded is less than the quantity supplied at the market wage rate |
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Definition
| reducing the purchasing power of the dollar |
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Term
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Definition
| all non-institutionalized individuals 16 years of age and older who are employed for pay, actively seeking employment, or awaiting recall from a temporary layoff |
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Term
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Definition
| brief periods of unemployment usually originating on the labor supply side of the market; it is transitional, often in the form of people changing and searching for new jobs |
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Term
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Definition
unemployment that is caused by fundamental changes in demand for certain kinds of labor due to technological changes or changes in consumers’ tastes and preferences.
Ex: suppose that workers skilled in typewriter manufacturing were unable to work while they retrained to make keyboards. |
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Term
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Definition
| unemployment caused by a contraction in aggregate demand or total spending in the economy. (caused by the business cycle) |
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Term
| Full-employment unemployment rate |
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Definition
the rate that reflects frictional and structural unemployment and is consistent with price stability
aka unemployment without cyclical unemployment |
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Term
| How is a price index calculated? |
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Definition
| The basket of goods used to compute price index numbers is a representative sample…after the value of the basket is calculated, the final step in the construction of a price index is to select the base year |
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Definition
| affects person individually |
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Term
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Definition
| affects society as a whole |
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Definition
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Term
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Definition
| micro analysis. What does it mean? The cultural definitions given to things shape their reality and consequences. |
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Term
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Definition
| macro analysis. How does it work? Society works to maintain itself, therefore all things work to maintain the status quo. The question asked in this paradigm is how does it work? |
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Term
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Definition
| for one to win another must lose |
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Term
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Definition
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Term
| What percentage of trade occurs in the Most Industrialized Countries? |
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Definition
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Term
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Definition
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Term
| 8 assertions that form the foundation for the analysis of social problems: |
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Definition
| 1. Socioeconomic problems result from the ways in which society operates 2. Socioeconomic problems are not caused by “bad” people 3. Socioeconomic problems are socially constructed as people define a condition as harmful and in need of change 4. People see problems differently 5. Definitions of problems change over time 6. Problems involve subjective values as well as objective facts 7. Many- but not all- problems can be solved 8. The various socioeconomic problems are related |
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Definition
| everything else remains the same |
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Term
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Definition
| belonging to something as one of the basic and essential features that make it what it is |
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Term
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Definition
| not an essential part of something |
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Term
| What markets require to continue (6): |
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Definition
| 1. Government 2. Private property 3. Profit motive 4. Monetary systems (banks) 5. (some) competition 6. Economic growth |
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Term
| “no one gets rich on their own – wealth is a social construct” –Elizabeth Warren |
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Definition
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Term
| Social problems define by (3): |
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Definition
| 1. Harmful to many 2. Threaten what members of society think society should be 3. consensus that it is a problem |
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Term
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Definition
| Karl Marx: Where is the power? macro analysis. Looks at imbalance of power and how it impacts members of a society |
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Term
| Spatially de-centered firm |
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Definition
| 1. maintain no loyalty to any country/labor force 2. Can easily relocate (used as a bargaining chip to keep labor costs low) |
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Term
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Definition
| 1. Isn't done because of globalization because it impacts all industries equally even those not connected to foreign trade 2. doesn't always end up with a smaller work force. because it is often followed by hiring new workers 3. Stats have shown it doesn't increase productivity 4. Downsized jobs replaced with low pay/skill jobs 5. Corporate attempt to increase profits |
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Term
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Definition
| Core – indispensable to business Temporary – hired/fired with ups/downs of economy Contingent – increasing in overall US workforce (independent contractors/temps w/ no negotiation rights) |
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Term
| How much does a woman earn for each dollar earned by a man? |
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Definition
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Term
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Definition
| system of ideas and values that construct a point of view |
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Term
| People with power, name : people without power, get named |
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Definition
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Term
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Definition
| a shame or disgrace attached to something regarded as socially unacceptable |
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Term
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Definition
| embedded into fabric of society |
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Definition
| story told by the power structure |
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Term
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Definition
| "concealed" story or story told by minority groups. the other side of the stock story |
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Term
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Definition
| preference for light skin |
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Term
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Definition
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Term
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Definition
| a systematic process for calculating and comparing benefits and costs |
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Term
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Definition
| perfectly rational economic man. unconstrained by familial and communal ties and who can and should make decisions solely in light of considerations of economic value |
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Term
| how to calculate income inequality |
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Definition
| income share of top divided by the income share of the bottom |
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Term
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Definition
| an absolute level of income set by the govt for each family size below which a family is deemed to be in poverty |
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Term
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Definition
| the percentage of the population whose family income falls below the poverty line |
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Term
| Poverty and median income in 2006 in the U.S |
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Definition
| median family income = $58,526 poverty line for family of four = $20,614 poverty rate = 12.3% |
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Term
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Definition
assistance that takes forms other than than cash Omitted from measures of inequality and poverty, biasing them upward
Ex: homeless shelters soup kitchens food stamps, govt vouchers redeemable for food at grocery stores Medicaid, govt-provided health care for the poor |
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Term
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Definition
| the regular pattern of income variation over a person’s life |
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Term
| Transitory vs. Permanent Income |
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Definition
| A better measure of inequality in living standards would be based not on current income, but on permanent income, a person’s normal income |
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Term
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Definition
| a tax system that collects revenue from high-income households and gives transfers to low-income households |
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Term
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Definition
| shows the degree of inequality that exists in the distributions of two variables |
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Term
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Definition
"non-home wealth" -- which is defined as net worth minus net equity in owner-occupied housing.
Financial wealth is a more 'liquid' concept than marketable wealth (house can't be sold quickly to gain access to cash). |
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Term
| Since 2002, CEO pay is up 298%. Corporate profits are up 106.7% and production workers' pay is up 4.3% Dumhoff Article ecompanion |
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Definition
| know the trends (not specifics) of wealth, income, and taxes in this article for midterm |
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