Describe the difference between income and wealth. Why is this ...

[student77]

Describe the difference between income and wealth. Why is this distinction important in the study of social stratification?
 
  What will be an ideal response?

Question 2

____ refers to the annual increase or decrease per 1,000 members of the population as a result of people leaving and entering the geographic area.
 
  a. Population distribution ratio
  b. Net migration rate
  c. Gross migration rate
  d. Gross morbidity rate
  e. Demographic transition rate

[chevyboi1976]

Answer to Question 1

Income is the amount of money received within a given time period by an individual or group. Wealth is the total of all economic resources owned by an individual or group. The distinction is that income is a measure of current monetary inflows, while wealth includes the accumulation of all previous savings. It is theoretically possible for someone to have vast amounts of wealth without any income; conversely, a person can have high income, yet have no wealth. These concepts are important to the study of social stratification because they both contribute to differences in social classes.

Answer to Question 2

B