Author Question: Why is it important to make the distinction between income and wealth? What will be an ideal ... (Read 65 times)

sdfghj · **on:** Jul 2, 2018

Why is it important to make the distinction between income and wealth?

What will be an ideal response?

Question 2

Which of the following statements about social theorists is chronologically accurate?

a. Foucault wrote before Weber.
b. Marx wrote before Bourdieu.
c. Parsons wrote before Durkheim.
d. Du Bois wrote before Marx.

thall411 · **Reply #1 on:** Jul 2, 2018

Answer to Question 1

Income refers to one's earnings over a specified period of time. Earnings from employment, investments (interest income), or even from underground activity all qualify as income. Wealth refers to the net value of assets and is a long-term measure of household resources. Wealth can include real estate and the value of savings and investments, not just the income they earn. Persons can have high levels of income but have very little wealth if their spending patterns prevent them from saving. Persons with modest incomes can have a significant amount of wealth if they invest wisely and save.

Answer to Question 2

b