Chapter 1 Questions 1-4

Topics: Middle class, Working class, Lower middle class, Poverty, Employment, Social classes / Pages: 3 (676 words) / Published: Sep 4th, 2013
What is the relationship among money, labor cost, profitability, and knowledge in the modern democratic-capitalistic society?
The relationship is that there has to be a cost (monetarily) between all the aspects. The labor cost is all tied to money and how to sustain while democratic capitalistic society a market-based economy all related to the circulation of money. Money is arbitrary, labors costs cut into profitability, and knowledge can temporarily increase profitability.
Briefly describe the three major class of society and their sever subsets.
The three major classes of society are upper, middle, and lower-class. They can further be separated into ultra-rich, wealthy, upper-middle, middle-middle, and lower-middle, and working poor and poverty level. Upper-class earnings equal $250,000 - $1,000,000 a year. For the subcategory “wealthy", income will range from $250,000 to$1,000,000; these people can develop lifetime savings and investments. For the ultra-rich, their income is over $1million a year and they live a care free life. Middle-class earnings equal $35,000 to $250,000. Lower middle class persons earn from $35-60,000 a year; they are living paycheck to paycheck. Middle class persons earn from $60-100,000 a year; they have more discretionary income. The upper-middle class earns between $100-250,000 a year; are able to afford significant investments, vacations, and an enjoyable lifestyle. Lower-class earnings = under $35,000. The working poor have incomes ranging from $19-35,000. These persons are typically on food stamps, and require government assistance for housing and medical care. The poverty class earns less than $19,000. Most do not have full times jobs, insurance, or reliable housing.

What is the greatest force for the continuation of poverty in the current democratic-capitalistic society?
A major problem facing the United States and its leadership role in a capitalistic democratic world is an increasing and unacceptable difference between

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