distribution of income and wealth key terms

Question 1

income

Answer 1

personal or househilds flow of money recives in a particular time period

Question 2

wealth

Answer 2

stock of everything person or household owns at a particiualr point in timw which has value

Question 3

distribution of income

Answer 3

how income is divided between rich and poor or different groups in society e.g. on a region age and gender basis

Question 4

equality

Answer 4

everone treated the same e.g. everoen has same incime

Question 5

equity

Answer 5

everyone is treated fairly

Question 6

progressive tax

Answer 6

as income rises a greater proportion of income is paid in tax

Question 7

poverty

Answer 7

the state if being extrememly poor and not havinf enough money or income to meet basic needs

Question 8

absolute poverty

Answer 8

condition charachterised bt severe deprivation of basic humans needs including foods, safe drinking water, shelterm education , sanitation and information - depends on income and access to servuces

Question 9

relative poverty

Answer 9

income below specified proportion of av income e.g. below 60% if medium income

Question 10

marginal tax rate

Question 11

income inequality

Answer 11

Income inequality refers to the unequal distribution of income and wealth among individuals or households within a society.

Question 12

inequality

Answer 12

Inequality refers to the unequal distribution of resources, opportunities, or rights among individuals or groups within a society. It can exist in various forms, such as income inequality, wealth inequality,

Question 13

trickle down

Answer 13

A free-market view that poorer members of society will benefit from high earners for example through job opportunities and helping to fund merit goods

Question 14

Living standards