Exam 12: Income and Social Class

Plutonomy is a term used to describe an economy that's driven by a fairly small number of rich people.

The American rich often indulge in luxury goods while pinching pennies on everyday items.

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 ________.

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

Discretionary income is the money available to a household over and above that required for a comfortable standard of living.

Amos always felt that it was unfair that society created artificial divisions that discouraged him from having friends from different social structures. Which of the following terms describes the process that Amos is having difficulty with?

Sandra decided to become a nurse after several years as an elementary teacher. She still wanted to help people but in a different manner. Sandra's case is an example of which of the following?

What is a factor that influences consumer savings.

Tian Zhao's parents were peasants from central China. Tian earned a degree in electronics from a university and now works for a medium-sized firm building computer components. Tian has purchased a Canon camera and a Dell computer, and he wears Nike running shoes. He is a member of the mass class.

Evan was an aggressive, rich, and determined businessman originally from a working class family. He had become wealthier than he had ever imagined by buying and selling other businesses. Evan seemingly could do anything until he tried a hostile takeover of an established bank owned by several prestigious families. When his bid failed, Evan said "I always knew there was an elite, but up to now I thought I was part of it." What type of capital was Evan lacking?

Trisha grew up in a drug-ridden inner city neighborhood. Through sheer determination and intelligence, Trisha is now a medical doctor teaching on the staff of a large university hospital. Trisha is proud of what she has accomplished, but sometimes she feels stressed and uncertain of who she really is. The concept of ________ assesses the impact of such inconsistencies.

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

Vance comes from the lower-upper class as does Jeff. They are both madly in love with Julia, who is beautiful enough to do part-time modeling. According to the principle of ________, Julia could be attracted to both men.

Allison is considered part of the "luxury is functional' group. Given this information, describe Allison's attitude about luxury and how she spends her money.

Why is wearing a baseball cap backward (with the brim toward the back) a type of parody display?

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

Some theorists do not include income in their measure of social class, arguing that it is unnecessary. Defend this point of view and also explain why income is added when measuring social class in marketing.

Fred Johnson has worked hard all of his life to make a decent living for himself and his family. However, in recent years he has become obsessed with a fear of being ruined, either because of losing his job or losing all of his savings. According to clinical psychologists, Fred Johnson's fear of being ruined is equated to ________.

Lower-class men are more likely than middle-class men to have a general sense of empowerment.

The best predictor of major expenditures that do not have status or symbolic value is ________.