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Absolute Poverty
People lack the resources to satisfy the basic needs no person should be without.
Relative Poverty
Measured by comparing the situation of those at the bottom against an average situation or against the situation of others who are more advantaged
Extreme Wealth
Most excessive form of wealth.
Social Stratisfication
Systematic process in ranking people on a scale of social worth such that the ranking affects the life chances in unequal ways
Life Chances
The probability that a an individuals life will follow a certain path and will turn out a certain way
Social Inequality
A situation in which these valued resources and desired outcomes are distributed in such a way that people have unequal amounts and/or access to them
Ascribed Statuses
Social positions assigned on the basis of attributes people possess through no fault of their own (skin color, sex, hair)
Achieved Status
Attained through some effort of personal choice, effort, and ability
Social Prestige
A level of respect or admiration for a status apart from any person who happens to occupy it
Esteem
The reputation that someone occupying an ascribed or achieved status has earned from people who know and observe them
Status Value
Social value assigned to a status and people who possess the status are regarded and treated as more valuable or worthy than people who possess another status
Caste System
People are categorized and ranked by characteristics over which they have no control over and that they usually cannot change
Class System
People are ranked on the basis of achieved characteristics, such as merit, talent, ability, or performance
Social Mobility
Movement from one class to another
Colonialism
A form of domination in which a foreign power uses superior military force to impose its political, economic, social, and cultural institutions on a less fortunate population so it can control their resources, labor, and markets
Decolonization
A process in of undoing colonialism such that the colonized achieves independence from the so called mother country
Neocolonialism
A new form of colonism where more powerful foreign governments and foreign owned businesses continue to exploit the resources and labor of the post-colonial peoples
Brain Drain
The emigration from a country of the most educated and most talented people
Class
A person'a overall economic and social status in a system of social stratisfication
Finance Aristocracy
Bankers and stockholders being detached from the world of "work" and lived in obvious luxury among others who were very less fortunate
Negatively Privilleged Property Class
According to Weber, people lacking in skills, property, or employment or who depend on seasonal or sporadic employment; constitute the bottom of social class
Positively Privillaged Property Class
Weber's category for the people at the very top of the class
Status Group
Weber's term for a amorphous group of persons held together by virtue of a lifestyle that has come to be "expected of all those who wish to belong to the circle" and by the level of esteem in which other people hold in them
Political Parties
According to Weber, organizations oriented toward planned acquisition of social power and toward influencing social action no matter what it's content may be
Urban Underclass
Group of families and individuals in inner cities who live "outside the main stream of the American occupational system and who concequently represent the very bottom of the economic heirarchy

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