with specific examples, differentiate between the following concepts: a) Wealth and Income: b) Absolute and Relative poverty: c) De facto and De jure segregation: d) Prejudice and Discrimination:
with specific examples, differentiate between the following concepts:
a) Wealth and Income:
b) Absolute and Relative poverty:
c) De facto and De jure segregation:
d) Prejudice and Discrimination:
Wealth and Income
Wealth refers to the amount of money and resources which are collected by individuals throughout their life. Whereas income refers to the continuous earning of money in return for work execution and investment. Both wealth and income allow individuals to develop their living lifestyle. In addition, income can be generated instantly whereas wealth takes time in accumulation.
For example, some people do not have huge wealth but they do have a high income. In some other cases, people do not have income rather they have the wealth from their ancestors and older generations on which they spent their lives.
Absolute and relative poverty
Absolute poverty refers to the conditions in which people are unable to get basic necessities to survive in their life. Income level plays a very major role in absolute poverty. People who are living in absolute poverty have a poor quality of life. Whereas relative poverty refers to the conditions in which the basic needs of people are fulfilled but lifestyle is often compared with other people in the environment. People in relative poverty may not be economically poor but their lifestyle when compared to other influential people of the society.
A person who can pay his bills but does not have enough money to buy other things for the house can be considered an example of relative poverty. Whereas A person who never went to a hospital due to poor economic conditions cane be considered as Absolute poverty.
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