Economists Report That the Income and Wealth Gaps in the United

question 20

Essay

Economists report that the income and wealth gaps in the United States are widening. What is the difference between income and wealth? Can an individual have high income but little wealth? What are some explanations for the income and wealth disparities that exist in the United States today? Why are the U.S. income and wealth gaps widening despite economic globalization and access to educational opportunities? How do income and wealth affect one's social mobility? How do other systems of social stratification affect an individual's income and wealth??

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Definitions:

Risk Of Loss

The potential for an asset to be lost, damaged, or diminished in value, and the question of who bears this risk under the terms of a contract.

Agreement Of Parties

This refers to the mutual understanding and consent between parties involved in a contract regarding the terms and conditions stated.

Voidable Title

A title to goods that is valid until annulled or rescinded due to certain conditions, such as fraud or misrepresentation.

Good-faith Purchaser

indicates a person who buys property without knowledge of any circumstances which would make the purchase dishonest or unfair.