INCOME AND WEALTH REDISTRIBUTION Flashcards
1
Q
What is income?
A
Flow of money received over time from work, investments, or other sources.
2
Q
What is wealth?
A
Total value of assets owned minus liabilities, measured at a specific point in time.
2
Q
What is private income?
A
Income from wages, interest, rent, or dividends.
2
Q
What is gross income?
A
Private income plus government transfer payments.
3
Q
What is disposable income?
A
Gross income minus taxes (direct and indirect).
4
Q
What is final income?
A
Disposable income plus indirect benefits like healthcare and housing aid.
