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Social capital is a concept used in sociology and economics to define networks of relationships which are productive towards advancing the goals of individuals and groups. [1] [2] It involves the effective functioning of social groups through interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity.
Social currency refers to the actual and potential resources from presence in social networks and communities, including both digital and offline. It is, in essence, an action made by a company or stance of being, to which consumers feel a sense of value when associating with a brand, while the humanization of the brand generates loyalty and "word of mouth" virality for the organization.
Open stratification systems are those in which at least some value is given to achieved status characteristics in a society. The movement can be in a downward or upward direction. [2] Markers for social mobility such as education and class, are used to predict, discuss and learn more about an individual or a group's mobility in society.
Social status is the relative level of social value a person is considered to possess. [ 1 ] [ 2 ] Such social value includes respect, honor , assumed competence, and deference. [ 3 ] On one hand, social scientists view status as a "reward" for group members who treat others well and take initiative. [ 4 ]
It can also come from monetary winnings, like lotteries and other games or contests where money is awarded as a prize. Income can be looked at in two terms: relative and absolute. Absolute income, as theorized by economist John Maynard Keynes, is the relationship in which as income increases, so will consumption, but not at the same rate. [12]
Thus, value is a purely social characteristic of commodities. The substance of the value of a commodity is a determinate quantity of social labour. That is, the existence of exchange value presupposes social relations between people organised into a society. "Socially necessary labour time" encapsulates this essential "relatedness" of value ...
The majority of literature would support that “nature” influences social preferences more strongly whereas there is still research to support the heavy influence of sociocultural factors. Some of these factors include social distance between economic agents, the distribution of economic resources, social norms , religion and ethnicity .
Costs can be time, money, effort etc.) Rewards are the elements of a relationship that have positive value. (Rewards can be sense of acceptance, support, and companionship etc.) As with everything dealing with the social exchange theory, it has as its outcome satisfaction and dependence of relationships.