Explain the Difference Between Wealth and Income

question 25

Essay

Explain the difference between wealth and income. How does the distribution of income compare to the distribution of wealth in the U.S. and what does this imply about the respective Lorenz curves for wealth and income?

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Definitions:

Negative Reinforcement

A conditioning process where the removal of an unfavorable event or outcome after the display of a behavior increases the likelihood of that behavior being repeated in the future.

Operant Extinction

The process in behavioral psychology where the frequency of a previously reinforced behavior decreases when that behavior is no longer reinforced.

Belittling Behavior

Actions or comments meant to diminish someone’s sense of self-worth or accomplishments.

ABAB Design

A research design for evaluating the effect of a treatment by repeatedly alternating between a baseline period and a treatment phase.