Assignment 5 Answer

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Assignment 5

 

Q1. What is the difference between wealth and income? Why is wealth sometimes more important to analyze than income?

Q2. Why do you think sociologists should be interested in economic stratification? Shouldn’t talking about the rich and poor be an economist’s job?

Q3. Observe (or think about someone you know) a wealthier person and a lower-income person. Do they speak differently? Do they hold themselves differently? What differences do you notice?

 

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Assignment 5 Answer

 

The stock of assets possessed by a person or household at any given time is referred to as wealth. Financial holdings and savings are joint among these assets, but the family home is also typical. Money received by a person or household over some time is referred to as income. Wages, salary, and government cash aid are all examples of income. Because money creates revenue and income disparity is influenced by wealth inequality, wealth is more relevant for understanding social inequality. 

This question is taken from Soc 001 – Introduction to Sociology » Fall 2021 » Assignments