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The Functional Theory of Stratification Emphasizes the Benefits of Social

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The functional theory of stratification emphasizes the benefits of social stratification; that is, that high-status rewards are given to jobs that are more important in the functioning of society.


Definitions:

Necessity

A good or service that is essential for survival and basic quality of life, such as food and shelter.

Few Substitutes

A market condition where there are limited alternatives available for a particular product or service, potentially leading to higher prices.

Price-Inelastic

Describes a situation where the demand for a good or service is relatively unchanged despite changes in its price.

Supply Curve

A graph showing the relationship between the price of a good and the quantity of the good that producers are willing and able to sell, usually upward sloping.

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