Exam 12: Income and Social Class

SRBI Consulting Business Intelligence divides consumers into which of the following groups?

An example of social mobility is when a consumer moves from one social class to another.

Harry was the lead singer in a band that hit it big.For his birthday,Harry had two hundred friends flown by chartered jets to a private island in the South Pacific.They ate the most expensive food,and every morning the bungalows were burned to the ground and rebuilt for the next night.Harry's party is a good example of ________.

Explain how the relationship between England's class structure and consumption has recently begun to change.

What modern American ceremony would come closest in intent to a Native American potlatch?

Restricted codes focus on the content of objects,not on relationships among objects.

An economy that is driven by a fairly small number of rich people is called a plutonomy.

Explain what Veblen meant by the term "invidious distinction."

The average American's standard of living continues to improve due to two key factors.What are these factors? Provide explanatory comments about each factor.

________ refers to the passage of individuals from one social class to another.

George Katona is credited with creating the social class system still used in consumer behavior.

A member of ________ has recently gained personal wealth and may experience status anxiety.Such individuals may try to display symbols of their success to make up for an internal lack of assurance about the "correct" way to behave.

________ is a system in which we define people by what they do for a living.

________ are consumers who refuse to sacrifice style,but they achieve on a budget.

List the 6 social classes.

Mothers with preschool children are the fastest-growing segment of working people.

Explain the term "hedonic adaptation."

The prestige of occupations varies dramatically from one culture to the next.

Explain the concept of social mobility and its various forms.

________ measures how optimistic or pessimistic people are about the future health of the economy and how they will fare in the future.