Poverty, Wealth, and Income (AQA A-Level Sociology): Flashcards
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Wealth definition
Wealth definition
Total value of assets owned (money, property, land, stocks, bonds)
Income definition
Income definition
Flow of resources received over time
Wealth: stock or flow concept
Wealth: stock or flow concept
Stock (what you own)
Income: stock or flow concept
Income: stock or flow concept
Flow (what you receive)
Four main components of income
Four main components of income
Earned income, state support, private pensions, other income
ONS four wealth categories
ONS four wealth categories
Property, physical, financial, private pensions
Wealth controlled by UK richest 10%
Wealth controlled by UK richest 10%
£4.5 trillion
Wealth shared by UK bottom 50%
Wealth shared by UK bottom 50%
£1.0 trillion
World wealth owned by richest 1% (2015)
World wealth owned by richest 1% (2015)
48%
Top 0.1% income growth 1993-2011
Top 0.1% income growth 1993-2011
101%
Bottom 90% income growth 1993-2011
Bottom 90% income growth 1993-2011
27%
Social wage
Social wage
Income in-kind via benefits (e.g. free school meals)
National minimum wage Oct 2014
National minimum wage Oct 2014
£6.50 per hour
Living wage outside London
Living wage outside London
£7.65 per hour
Living wage in London
Living wage in London
£8.80 per hour