Fair Distribution Of Incom (3.3) Flashcards
1
Q
What is the distribution of income
A
How income is shared out between individuals and households
2
Q
What is income
A
The reward for the service provided by a factor of production, including labour
3
Q
What is wealth
A
The market value of all assets owned by a person, group or country at a specific point in time.
4
Q
What is gross income
A
Income received before any tax are taken or benefits are given
5
Q
What is net income
A
Income available after the effects of tax or benefits
6
Q
Why is wealth distributed unevenly
A
- inheritance
- savings
- purchase of property
- enterprise
