Income and Wealth Inequality
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What is income?
the flow of dollars received from a job, sale of goods, or investment profits that are measured over a year
What is wealth?
value of everything a person or family owns minus debt measured at a single point in time
Which is more concentrated/worth more, wealth or income?
What is stratification?
the study of who gets what and why they get it (separated into layers)
What are ascribed characteristics?
things people are born with
What are achieved characteristics?
things people work to get
What are the three P's of status?
- Power (having control over others)
- Prestige (social class and position)
- Property (wealth and income)
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