Final answer:
Social capital refers to the networks of relationships among people and the benefits that these networks provide, such as access to resources and assistance from others within a social network. This concept is important for both social and political engagement as well as economic opportunities.
Step-by-step explanation:
The goodwill and resulting resources shared among members in a social network is referred to as social capital. This term encompasses the networks of relationships among people who live and work in a particular society, enabling that society to function effectively. Social capital is a key concept in various fields, including sociology and political science, as it pertains to the non-monetary resources that people have access to, such as mutual acquaintances, networks, and shared cultural knowledge, which can be used to gain social status and power.
Social capital plays a crucial role in democratic societies as it encourages political participation by reinforcing social bonds and networks. This is demonstrated by the fact that communities with higher levels of social capital typically experience lower levels of crime, higher levels of trust in government, and a greater willingness to vote. Moreover, social capital can influence economic opportunities as individuals utilize their networks in professional environments to secure employment or advance their careers.