3.3 Distribution of income Flashcards
1
Q
Distribution of income definition
A
How incomes are shared out between individuals and households
2
Q
Distribution of wealth definition
A
How wealth is shared out between individuals and households
3
Q
Wealth definition
A
The market value of all the assets owned by a person, group or country at a specific point in
time.
4
Q
Income definition
A
The reward for service provided by a factor of production, including labour
5
Q
Types of income
A
Wages Rent Interest Profit State benefits
6
Q
Why is income distributed unevenly in the UK?
A
Difference in wages
Age
Gender
Reliance on benefits
7
Q
Why is wealth distributed unevenly in the UK?
A
Inheritance
Savings
Purchase of property
Enterprise
8
Q
Consequences of differences in income and wealth for an economy
A
Poverty and deprivation
Poor housing
Poor health
Inequality of opportunity
