ch 30 definitions Flashcards
1
Q
income inequality
A
differences in income that exist between the different groups of earners in society, that is, the gap between the rich and the poor
2
Q
lorenz curve
A
graphical representation of the degree of income or wealth inequality in a country
3
Q
absolute poverty
A
where people do not have enough resources to meet all of their basic human needs
4
Q
relative poverty
A
poverty that is defined relative to existing living standards for the average individual
5
Q
progressive taxation
A
where the proportion of income paid in tax rises as the income of the taxpayer rises
