Wealth and Income

Question 1

what is wealth?

Answer 1

this refers to the ownership of financial savings and of things that can be bought and sold to generate income.

Question 2

what are the most important forms of wealth?

Answer 2

stocks and shares in companies
land
houses or other buildings
works of art, jewellery and other valuables.

Question 3

what is income?

Answer 3

the sum of earnings from work and other sources.( most peoples main income is from employment).

Question 4

What are the other types of income?

Answer 4

Social security and other state benefits
pensions
interest on building society and bank accounts.
dividends on shares

Question 5

Welfare state?

Answer 5

the way in which government try to provide for the less well off and reduce social inequality.

Question 6

points about wealth

Answer 6

having the most important forms of wealth ( land, houses etc).
some of these forms of wealth create more wealth
the very wealthy do not need to work because they are so rich.
wealth is often inherited , which means they have not actually worked for it, it has been passed down from generations.

Question 7

Distribution of wealth

Answer 7

the way in which wealth is distributed