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Differences in income can be accounted for by differences in:
Inherited Wealth
Assets and properties passed down from one generation to the next through familial lineage.
Life Chances
The opportunities each individual has to improve their quality of life, often influenced by socioeconomic status.
Status
The relative position or rank of an individual within a social system, determined by socio-economic conditions, occupation, education, and other factors.
Wealth And Status
Indicators of social position and economic capital, often signifying the amount of resources and prestige an individual or group possesses.
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