Income and Wealth Inequality

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