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April 23, 2018 / C H Thompson

Understanding Wealth and Income

  • Income is the amount of money an individual or group receives and the sources of income can be earned or unearned
  • earned income – salaries and wages received on a regular basis e.g. weekly, monthly or annually
  • unearned income – interest earned from investments, savings, rental income
  • Wealth is the value of possessions owned by a person or group of people such as a family
  • For example the number of homes a person or family own
  • The ownership of wealth tends to be concentrated among a small number of individuals who tend to have a lot of assets and capital.

What are assets and capital?

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