Wealth and Income

• Define wealth and income

• Explain the connections between wealth and income

• Explain how wealth and income relate with social inequality

• Reflect on social stratification and inequality in society​

IGCSE Sociology

• Life Chances include opportunities for:

  • employment

  • education

  • good health and well-being

  • housing

  • social mobility

  • life expectancy​

In April 14, 1912, her maiden voyage, the luxury ocean liner Titanic struck an iceberg. 1500 people died and only 30% (4/12) survived.

You are on a luxury liner and the ship’s captain announces the following message. “Please do not panic! The ship has just hit an iceberg and we are about to sink. Unfortunately, there is not enough room on the lifeboat to save everyone. Because we won’t sink for at least another ten minutes, we must decide who among us will be saved. Only four of us will survive.”

• President of the Shipping line (Jerry)

• President's spouse (Josephine)

• President's baby (Joey)

• Engineer (Milky)​

• Soldier (Peter)

• Elementary school teacher (Vanny)​

• Retired Person (Audrey)

• Ship's captain (Aurora)

• Physician/Doctor (Branca)

• Nurse (Cherry)

• Migrant worker (Dawn)

• Mother (Esmeralda)

• Senator (Hurdinence)

Begin the discussion by first identifying yourself to the other group members. Tell them who you are and try to convince them why you should be allowed to get on the lifeboat. Remember that everybody wants to live and you are fighting for your life!

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After the introductions and appeals, your group must decide how it will make its decision as to who is to survive.​

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The group should then discuss who should be permitted to get on the lifeboat. Keep in mind that each person selected for the lifeboat means one less seat for you.

The inequality between groups in a stratification system, for example income and wealth.

• An important indicator of social status;

• Wealth is often inherited;

• It is distributed unevenly.