600 WORDS MINIMUM FOR EACH Q1. Describe the difference betwe

600 WORDS MINIMUM FOR EACH Q1. Describe the difference between wealth and income. Why is it sociologically important to make a distinction between the two?2. How is the poverty rate determined in the United States and what is is the origin of this formula? What are the strengths and weaknesses of this formula?3. Describe the difference between individual/household poverty and neighborhood poverty. How does being poor in a poor neighborhood increase the impact of economic disadvantage?4. Why do many of the world’s poorest countries have the highest fertility rates? What sociological factors can be applied here to explain the correlation?5. Define “global elite” and who is considered to be a part of this group. How do they differ from the upper class elites?