Identify and Explain the Four Components That Comprise the Social

question 12

Essay

Identify and explain the four components that comprise the social welfare system as outlined in Chapter 1.

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Definitions:

Discretionary Income

The amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food, shelter) are taken care of.

Gross Income

The total revenue generated from a business's activities or an individual's earnings before any deductions are made for expenses, taxes, or other reductions.

Discretionary Income

Discretionary income is the amount of an individual's income left for spending, investing, or saving after taxes and personal necessities (like food, shelter) are taken care of.

Necessities

Essential items and services required for basic human survival and well-being, such as food, water, shelter, and healthcare.