Wealth

    OCR
    GCSE

    The sociological study of wealth necessitates a rigorous distinction between wealth (stock) and income (flow), analyzing the mechanisms of distribution, accumulation, and transmission across generations. Candidates must examine the extent of wealth inequality in contemporary society, utilizing empirical data from sources such as the ONS and The Sunday Times Rich List. Analysis must interrogate competing theoretical perspectives—specifically Functionalist arguments regarding meritocracy and incentive versus Marxist and Weberian critiques focusing on social closure, elite reproduction, and the myth of meritocracy. Mastery requires evaluating the impact of wealth on life chances, political power, and social mobility.

    5
    Objectives
    4
    Exam Tips
    3
    Pitfalls
    3
    Key Terms
    4
    Mark Points

    Learning Objectives

    What you need to know and understand

    • Distinction between wealth (stock concept) and income (flow concept).
    • Davis and Moore's theory of Role Allocation and functional importance.
    • Karl Marx's concept of the Bourgeoisie and private property ownership.
    • ONS data indicating the top 10% own approximately 45-50% of total aggregate household wealth.
    • Weber's theory of class, status, and party (market situation).

    Marking Points

    Key points examiners look for in your answers

    • Credit clear distinction between marketable assets (property, shares) and non-marketable assets (pension rights).
    • Award marks for application of Davis and Moore's role allocation theory regarding financial rewards as motivation.
    • Candidates must analyse the correlation between wealth ownership and political power (Weberian perspective).
    • Reward explicit reference to ONS data demonstrating the wealth gap (e.g., top 10% ownership statistics).

    Examiner Tips

    Expert advice for maximising your marks

    • 💡Explicitly link wealth to 'life chances' in health, education, and housing to demonstrate AO2 application.
    • 💡Contrast Functionalist views on motivation with Marxist views on inheritance and reproduction of inequality.
    • 💡In 24-mark questions, ensure the conclusion provides a definitive judgement on the extent of inequality.
    • 💡Use contemporary examples like the 'cost of living crisis' to contextualise relative poverty vs absolute wealth.

    Common Mistakes

    Pitfalls to avoid in your exam answers

    • Conflating high income (salary/wages) with wealth (accumulated assets/net worth).
    • Presenting normative assertions about 'fairness' without sociological theoretical backing.
    • Failing to critique the concept of meritocracy when discussing wealth acquisition and inheritance.

    Study Guide Available

    Comprehensive revision notes & examples

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    Key Terminology

    Essential terms to know

    Likely Command Words

    How questions on this topic are typically asked

    Identify
    Describe
    Explain
    Discuss
    Evaluate
    To what extent

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