Final answer:
Income refers to the flow of money from earnings, while wealth refers to the sum of all assets owned by a person minus debts. Income is received over time, whereas wealth is accumulated and includes property and investments. So, the best answer is 1, income, wealth.
Step-by-step explanation:
When discussing economic inequality, income refers to the flow of money received, often measured on a monthly or an annual basis, from various sources like wages, salaries, commissions, tips, dividends, or interest.
On the other hand, wealth refers to the sum of the value of all assets a person owns, including money in bank accounts, real estate, financial investments, a pension fund, and the value of a home, minus any debts.
While income represents how much money one acquires over a period through various forms of earnings and payments, wealth accounts for accumulated prosperity and financial resources that a person has at their disposal, which can include property and investments.
So, the best answer is 1, income, wealth.