Chapter Eight: Social Class in the United States

Property

Property is anything one owns and has rights to that others do not. Build property comes in many forms like homes, buildings, cars, furniture, jewelry, and stocks and bonds. Property relates directly wealth in that wealth is someone's property subtracted by their personal debt.

Income

Income is a flow of money. The most common way of earning income is by wages or a business. Other sources are interest, royalties, rent and even alimony. Income is sometimes confused with wealth, but they are not the same. A person may have a high income, but also have high debt.

Prestige

Prestige is a ranking in social class that is defined by higher education and income, influence and success. Prestige is often passed on through generations. Status symbols are also a good way of identifying persons of prestige. Prestige plays an important part of individual motivation.


Poverty

Poverty is a ranking in social class that is defined by the lack of money or material possessions. Poverty exists when people don't have the means to supply their basic needs due to the lack of education or skills or unwillingness or inability to work. Poverty is defined by government standards called the poverty line. People who spend more than one third of their income on food are considered below the poverty line.