Tip: FAQ for reporting on economic concepts

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It is impossible to report on anything you do not fully grasp. There are many beats in journalism that will scramble your brain, and reporting on economics is certainly one of them.

Instead of getting in a mess, turn to this handy jargon-buster on economic concepts by Katherine Schaeffer, a research analyst for Pew Research Center. Some sections are quite US-specific, but it can be handy for journalists based elsewhere. For instance, when it comes to the difference between wealth and income, she makes the distinction crystal clear.

"Income is the sum of earnings from a job or a self-owned business, interest on savings and investments, payments from social programs and many other sources. It is usually calculated on an annual or monthly basis," it reads.

"Wealth, or net worth, is the value of assets owned by a family or an individual (such as a home or a savings account) minus outstanding debt (such as a mortgage or student loan). It refers to an amount that has been accumulated over a lifetime or more (since it may be passed across generations)."

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