Income

Definition

Income is the money an individual or household receives on a regular basis, which can come from employment, investments, or social benefits. It plays a crucial role in determining one's standard of living and access to resources within the context of social stratification.

Related terms

Wealth: The total value of all assets owned by an individual or household minus any debts owed.

Social Class: A division of society based on social and economic status, often influenced by factors like income and wealth.

Poverty Line: A threshold set by governments to define the minimum income necessary to cover basic living expenses, below which individuals are considered to be living in poverty