- 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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