SOCS 185 TEST BANK COMPLETE QUESTIONS AND DETAILED SOLUTIONS PREMIUM RESOURCE

SOCS 185 TEST BANK COMPLETE
QUESTIONS AND DETAILED SOLUTIONS
PREMIUM RESOURCE

●● Stratification
Answer: Systematic ranking of groups that produces unequal outcomes


●● Social mobility
Answer: Movement between positions in a system of social stratification


●● Social reproduction
Answer: Process through which inequality persists across generations


●● Economy
Answer: System through which goods and services are produced and
distributed


●● Market
Answer: Institution where people voluntarily exchange goods and
services for money


●● Capitalism

,Answer: Economic system where resources are privately owned and
labor is bought and sold


●● Corporation
Answer: Legal entity organized to generate profit for owners


●● Wealth
Answer: Total value of assets owned at a point in time


●● Net worth
Answer: Total wealth minus debts


●● Income
Answer: Money received over a period of time


●● Capital
Answer: Wealth used to generate additional wealth


●● Labor income
Answer: Income earned through work


●● Capital income

, Answer: Income earned through ownership of assets


●● Inheritance
Answer: Transfer of wealth across generations


●● Income inequality
Answer: Unequal distribution of income


●● Wealth inequality
Answer: Unequal distribution of wealth


●● Mean
Answer: Average value of a distribution


●● Median
Answer: Middle value of a distribution


●● Percentile
Answer: One hundredth of a ranked population


●● Top 1 percent share