Property in the form of assets which can be sold and turned into cash for the owners benefit.
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Marketable Wealth
Can be bought and sold e.g car, house, shares and land.
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Non-Marketable Wealth
Cannot be sold e.g. state pension.
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Productive Property
Provides unearned income for owner e.g. rented housing/land.
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Consumption Property
Wealth used by the owner e.g. house, car which are used at the time and not producing any income.
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Income
A flow of money which people obtain from work, investments or the state.
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Earned Income
Received from employment e.g. wages.
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Unearned Income
Received from productive poverty.
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Disposable Income
Money left after paying taxes.
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Discretionary Income
Left after taxes and all necessary bills and expenses.
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Wealth Inequalities
The poorest 10th of the population in the UK earn less than £9,000 a year. The richest 10th of the UK earn around £83,000 a year.
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Wealth Distribution
Attempts to redistribute wealth e.g inheritance tax, capital gains tax, income tax.
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Wealth Distribution - inheritance tax
To limit the inheritance of mass wealth.
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Wealth Distribution - capital gains tax
To reduce profits dealing with poverty.
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Wealth Distribution - income tax
Progressive and payable on top of income.
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Why Wealth Distribution Failed
TAX Relief - expenses that can be claimed TAX Evasion - (Illegal) people not declaring taxes TAX Avoidance - loopholes in tax laws.
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Key Variables - Disability
4 times more likely to be unemployed, poverty for disabled adults are double that of non-disabled, welfare benefits insufficient in keeping them out of poverty.
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Key Variables - Age
Inadequate policies to support flexible working and childcare, child poverty in UK is one of the highest in EU
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Key Variables - Ethnicity
Racism means that some groups are mostly unable to obtain high-paying jobs, half of all children from ethnic minorities live in low income households.
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Key Variables - Gender
Women are more likely to be in low paid and part time work, women retire earlier and more likely to experience poverty in old age.
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Functionalist Explanation
Davis and Moore believe inequalities are necessary to maintain society and that some positions take skill skilland those who do need to be motivated with money.
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Weberian Explanation
Townsend believe that those in poverty have a weak market situation (the rewards that people are able to obtain when they sell their skills in the labour market) society values skills based on want and enjoyment.
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Marxist Explanation
Miliband believed that the privileged position of the wealthy relies on poverty to motivate workers providing a pool of cheap labour to provide profits for the rich.
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Other cards in this set
Card 2
Front
Marketable Wealth
Back
Can be bought and sold e.g car, house, shares and land.
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