Ch. 6 Economic, Inequality, Wealth and Poverty
Terms in this set (65)
the total assets of an individual or household minus liabilities
the inequality in wealth is significant, true or false
who owns 86% of the global wealth?
who owns 1% of the global wealth?
who owns 27.9% of the global wealth?
the lack of resources necessary for material well-being, most importantly, food and water, but also housing, sanitation, education, and health care
the lack of material and economic resources compared with some other population
living on less than $1.25 a day
multidimensional poverty index
a measure of serious deprivation in the dimensions of health, education, and living standards that combines the number of deprived and the intensity of their deprivation
south asia or africa
where does half of the world's poor live?
basic economic security tables index (BEST)
a measure of the basic needs and income workers require for economic security
a social system in which individuals get ahead and earn rewards based on their individual efforts and abilitites
economic inequality is the result of some people developing their potential and working hard and earning their success, while others don't measure up, make bad choices, don't work hard enough and have only themselves to blame
poverty results from institutional breakdown. economic institutions that fail to provide sufficient jobs and pay educational institutions that fail to equip members of society with the skills they need for employment
economic inequality results from the domination of the owners of the factories over the workers. money is a tool that can be used to achieve political intersts
laws and policies that benefit the rich (the rich people receive 4 times more than the poor in housing assistance)
laws and policies that benefit corporations (government subsidies and tax breaks to corporations)
how meanings, labels, and definitions affect and are affected by social life. calls attention to ways in which wealth and poverty are defined and the consequences of being labeled "poor"
the u.s has the greatest degree of income inequality and the highest rate of poverty of any industrialized nation, true or false
most of the top 1% are self- made, true or false
what percent of the u.s. population lives below the poverty line?
35% of the poor are ____?
feminization of poverty
women are more likely than men to live below the poverty line
the ____ a person's level of education, the ___ likely they will be poor
poverty is much more prevalent among ____-headed ____-parent households
poverty rates are higher among racial and ethnic minority groups, true or false
individuals who spend atleast 27 weeks per year in the labor force, but income still falls below the official poverty level
south and west
highest rates of poverty occur in the ____ and ____ states
households that have difficulty providing enough food for all its members due to a lack of resources
concentrated areas poverty and poor housing in urban areas
what percent of the u.s population becomes homeless?
homelessness is essentially caused by the lack of ____ ____
there has been a surge of attacks on the homeless, but many are not reported, true or false
high-interest or adjustable-rate mortgages that require little money down and are issued to borrowers with poor credit ratings or limited credit history
there is legal inequality for the poor, true or false
a rejection of or estrangement from the political system accompanied by a sense of powerlessness in influencing governemnt
political alienation, difficult time taking off, transportation
why do the poor have a lower voting turnout?
economic inequality and poverty
what are root causes of conflict and war within and between nations?
___ countries are more likely than ____ countries to be involved in civil war
poverty increases vulnerability to devastation from natural disasters, true or false
receive lower grades, less likely to finish high school, and enter adult lives without basic literacy skills
what happens to children who grow up in poverty?
substance abuse, domestic violence, child abuse and neglect, divorce, and questionable parenting practices
what stress is associated with low income?
teen pregnancy is associated with poverty, true or false
poverty that is transmitted from one generation to the next, leads to the underclass
millennium development goals
8 goals that comprise an international agenda for reducing poverty and improving lives
wealthier countries provide financial aid and increase public awareness
what are strategies to help poor countries?
economic development, human development, and microcredit programs
what are strategies to alleviate poverty?
increase the economic output or the gross domestic product
improves personal aspects, such as, adequate nutrition, sanitation, housing, health care, education and job training
provision of loans to people who are generally excluded from tradition credit services because of their low socioeconomic status
assistance programs that have eligibility requirement based on income
what percent of people benefit from programs?
supplemental security income (SSI)
minimum income to poor people who are 65 or older, blind, disabled
temporary assistance for needy families
a federal cash welfare programs that involves work requirements for a 5 year lifetime limit
supplemental nutrition assistance programs (SNAP)
longest u.s. food assistance program
federally subsidized housing that is owned and operated by local public housing authorities
section 8 housing
a housing assistance program in which federal rent subsidies are provided either to tenants or to private landlords
how to alleviate homelessness?
medical service for the poor
early head start programs/college assistance
earned income tax credit (EITC)
a refundable tax credit based on a working family's income and number of children
3/4 of TANF are children, half only have 1 child, don't receive other benefits, don't purchase alcohol/cigarettes, immigrants are less likely to receive benefits
living wage laws
laws that require state or municipal contractors, recipients of public subsidies or tax breaks, or all businesses to pay employee wages that are significantly above the federal minimum, enabling families to live above the poverty line
taxes in which the tax rate increases as income increases, so that those who have higher incomes are taxed at higher rates
occupy wall street (OWS)
a protest movement that began in 2011, and is concerned with economic inequality, greed, corruption, and the influence of corporations on government