SOC 201 Chapter 13: Chapter 13.3
Document Summary
Income is the amount of money that an individual or family group receives in wages, salaries, investments, and so on. Wealth is the total value of the assets owned by an individual or family group, minus the amount of debt they have. It tends to be more enduring and provides more access to what weber called life chances : Wealth signifies the command over financial resources that a family has accumulated over its lifetime along with those resources that have been accumulated across generations. Such resources, when combined with income, can create the opportunity to secure the good life in whatever form is needed education, business, training, justice, health, comfort, and so on. Wealth is a special form of money not used to purchase milk and shoes and other life necessities. More often it is used to create opportunity, secure a desired stature and standard of living, or pass along class status to one"s children.
