Question

1. a, Describe what is meant by the “American Dream.”

b. Explain the difference between income and wealth

Answer 1

1.a, American dream is a ethos set by the United Nation that every individuals irrespective of any difference has the freedom to attain success and prosperity through hardwork.It cannot be accessed by luck ,immoral way,illegal activities to prosper in life but only with efforts and toiling. The government should protect each individual's chance or opportunity to get their happiness.for example equal opportunity provided in an employment and the freedom to accept or deny it.Making them choose with their own liberty.

b)

Income	Wealth
It is received or earned for a work periodically	It is the possession of money and assets
it can generated immediately and whenever wanted	it needs a long period of time and cannot be generated instantly
Income tax are levied	Wealth tax can be levied
cannot be shared	wealth can be given to offsprings
it ends when a person dies or with an retirement	càn last over generation even when the person who created it is not alive
It cannot be sold	it can be exchanged or sold out for money
eg.salaries, wages,rent,bank interest	e.g.properties, assets,tangible and intangible assets