Chapter 12.3

Question 1

Opportunity

Answer 1

A set of circumstances that makes it possible for someone to do something

Question 2

What are possible causes of economic inequality and poverty?

Answer 2

Inequality of opportunity
Different levels of human capital
Different levels of resource ownership
Discrimination
Unequal status and power
Government tax and benefits policies
Technological change
Globalization
Market-based supply-side policies
High abnormal profits of firms with increasing market power
Increases in pay of certain occupations
Unemployment
Geography
Age
Poverty

Question 3

Globalization

Answer 3

Economic integration on a global scale, involving increasing interconnectedness throughout the world in many areas