1.7 The distribution of income and wealth Flashcards
1
Q
Income
A
flow of money to a factor of production, usually labour
2
Q
wealth
A
a stock of valuable assets
3
Q
equality
A
income and wealth are shared equally
4
Q
equity
A
the notion of fairness
5
Q
unequal distribution in income
A
skills, work experience, wealth, impact of state
6
Q
unequal distribution of wealth
A
income, inheritance, marriage, property
7
Q
trickle down
A
poorer people benefit from high earners
8
Q
relative poverty
A
some people are worse off than others in a society
9
Q
absolute poverty
A
cant afford basic necessities
