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The difference(s) between chords and arpeggios?

Yep, for bass most of the time the chord is the theoretical construct. We don't strum chords on bass. I think too many times guitarist think the chord is the combination of notes they're playing. But the chord is what what ALL the notes the group is playing at one time. So, if the bass is playing an A on the bottom, the guitard is piling up C and G, the singer's singing an A on top, and the horns are playing E and G, then it's safe to say the chord is an Amin7.

For PLAYING bass, you gotta know the notes in the chords, so you study arpeggios. That also helps you to SEE that the Amin7 has the C major hiding in it.

jte
 
It's also important to know the I-VII chords within a key. Then you understand why the C is hiding in the Am7. Am7 is the VI chord of C and is built using the notes of the C major scale only the root is the sixth step of the C scale: A. The flat third and flat seventh give the chord its character. The arpeggios for all the chords within a key can be played from a single position, if desired, by skipping notes within a major scale: I 1-3-5-7, II 2-4-6-8(octave), III 3-5-7-9, IV 4-6-8-10 and so on.