Income is a flow of money, for example paid a wage in return for working.
Wealth is a stock of money, for example shares, bonds or property.
Transfers are a redistribution of income into the market system.
Inequality is the inconsistency of social issues; such as wealth, income, race and gender.
Key inequality facts.
China and India make up 30% of the population, but only have 8% of the wealth of the global economy.
Industrialisation has made the poor better off, however it is the rich who have benefitted exponentially.
Technological advances have amplified inequality, as firms have become more capital intensive by laying off labour, due to lower costs.
The UK has the highest levels of inequality in the EU.