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SOCS 185N Week 4 Assignment: Social Class & Inequality (GRADED A)
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SOCS 185N Week 4 Assignment: Social Class & Inequality Explain the difference between income inequality and wealth inequality in the United States. Explain the racial wealth gap. Income and wealth are important aspects to consider from a sociological standpoint. Although they have some similarities...

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  • May 12, 2022
  • 4
  • 2021/2022
  • Essay
  • Unknown
  • A+

Subjects

  • social class amp inequality
  • socs 185n week 4 assignment social class amp inequality graded a

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  • Chamberlain College Of Nursing
  • SOCS 185N
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Running Head: Social Class & Inequality
1
SOCS 185N Week 4 Assignment: Social Class & Inequality

Explain the difference between income inequality and wealth inequality in the United
States. Explain the racial wealth gap.

Income and wealth are important aspects to consider from a sociological standpoint.

Although they have some similarities, income and wealth have significant differences. Kendall

(2018) defines income as “the money, wages, and payments that people receive from their

occupation or investments” (p. 204). Kendall (2018) then defines wealth as “ the value of the

assets that an individual or family holds at a specific point in time” (p. 204). The major

difference between the two is that income is what a family makes while wealth is the total of all

assets minus debt. It’s also important to note that income is one aspect of wealth (Kendall, 2018).

Income inequality is when the distribution of income between different populations (rich and

poor) is disproportionate (Kendall, 2018). There is a huge gap in received income between rich

and poor. Wealth inequality is when the distribution of wealth is disproportionate in different

populations (Kendall, 2018). Kendall (2018) states, “the net worth of each household in the

wealthiest 1 percent is nearly 300 times greater than the net worth of the median U.S. household”

(p. 206). There is a bigger disparity in wealth than in income.


The racial wealth gap is looking at wealth inequality, which is the uneven distribution of

wealth, amongst different races. Kendall (2018) states, “the median wealth of white households

is about thirteen times higher than the median wealth of black households” (p. 206). When

comparing white households to other races, whites have a higher net worth than blacks and

Latinos (Kendall, 2018). Some factors that contribute to the racial wealth gap are “years of

homeownership, household income, unemployment, which is much more prominent among

African-American families, a college education, inheritance, financial support by families or

friends, and preexisting family wealth” (Shapiro, Meschede & Osoro, 2013, p. 1). The white

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