4.2 - AO1 Flashcards
1
Q
Absolute poverty
A
An income level where individuals cannot access the most basic, life sustaining goods and services
2
Q
Relative poverty
A
An income level below a given average in society
3
Q
What do numbers in the gini coefficient represent?
A
0 = perfect equality
1 = perfect inequality
; the closer to 0, the more equal the distribution of income
4
Q
Income
A
Flow of payments received in a given period of time
5
Q
Wealth
A
Assets with market value that can generate income
6
Q
Equity
A
Fair
7
Q
Equality
A
Equal
8
Q
Lorenz curve
A
A visual representation of income distribution
9
Q
Gini coefficient
A
A mathematical representation of income distribution
