Exam 12: Income and Social Class

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

Income is a better predictor of purchases that have symbolic aspects but low moderate prices.

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?

Explain the term "hedonic adaptation."

The average American's standard of living continues to improve. These income shifts are linked to two key factors: ________.

Anna is a millionaire but she is constantly stressed and unhappy despite her wealth, Anna is experiencing ________.

Product complementarity occurs when the symbolic meanings of different products relate to one another.

Many twenty-somethings have rebelled against their more affluent parents by mocking wealth, wearing clothing such as shredded jeans and driving boxy cars. These are examples of what is called a modern potlatch.

Downward mobility is not possible is the U.S. social class system.

Explain the concept of social mobility and its various forms.

When people are differentiated in terms of their aesthetic and intellectual preferences, a ________ is being applied.

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

According to Pierre Bourdieu, people's taste regarding entertainment and the arts serves as a status-making force or ________ that causes consumption preferences to cluster together.

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

Jim is considered a part of the upper middle class, while Marcos is considered part of the lower upper class. Jim and Marcos have been identified in terms of ________.

Although teenagers do not have the income of older consumers, they are still an attractive marked based on income. Why?

Of the three groups of attitudes toward luxury, the largest group is "luxury is indulgence"; this view is held mainly by wealthy seniors citizens.

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 ________.

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.

If a member of the upper class wore shredded Levi's jeans to a formal party, the person would be exhibiting a sophisticated form of conspicuous consumption known as ________.