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Income, Wealth, and Occupations

Author: Zach Lamb

Source: Intro Music by Mark Hannan; Public Domain

Video Transcript
Terms to Know
Blue-Collar Occupations

Occupations involving manual labor.

Conspicuous Consumption

Buying goods and services to display social status publicly.

Income

Money earned from goods, services, or investments.

Intergenerational Social Mobility

A change of social position or rank, moving up or down, from one generation to the next.

Intragenerational Social Mobility

A change of social position or rank, moving up or down, within one generation or lifetime.

Socioeconomic Status (SES)

A measure of social standing based on a composite picture that captures different dimensions of social inequality like differences in power, status, and class.

Wealt​h

The monetary value of your assets and income, minus any money you owe as debts.

White-Collar Occupations

Occupations dealing more with information processing rather than physical labor.