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Answer two of the following: What are the differences between income, earnings and wealth? What is...

Answer two of the following:

What are the differences between income, earnings and wealth?

What is the difference between discrimination and prejudice?

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Answer #1

1) Wealth is the net worth of a person i.e. the total value of his assets minus his liabilities. It takes huge time to acquire it. Wealth enable a person to enjoy the fruit of his labor. Wealth includes cash, real estate, personal properties such as jewelry and cars.

Income is the amount of money that a person received in return for his services, sale of goods. Income is earned immediately. It generates wealth. It is usually represented by a certain amount of money.

Earnings is the net income which is earned after deducting cost of goods sold, expenses.

2) Prejudice is a baseless attitude of people towards an individual only because of his membership of a social group.

Discrimination means negative treatment given to a person or a group from other people because he or she belongs to a particular class, group or category.

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