3.3 Fair Distribution of Income Flashcards

1
Q

Distribution of Income

A

How incomes are shared out between individuals and households

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2
Q

Different Types of Income

A
  • Wages
  • Rent
  • Interest
  • Profit
  • State Benefits
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3
Q

Difference Between Income and Wealth

A
  • Income is the reward for the service provided by a factor of production, eg. Labour.
  • Wealth is the market value of all assets owned by a person, group/country at a specific time, eg. Houses.
  • Income is a flow over time.
  • Wealth can be measured at a point in time.
  • Income is received in return for their labour services.
  • Wealth is a stock of assets and can be given a monetary value to calculate an individual/household’s wealth.
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4
Q

Distribution of Wealth

A

How wealth is shared out between individuals and households

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