Micro unit 7

HideShow resource information
Income
flow of money in a particular time period - income inequality = the uneven distribution of income across a nation
1 of 8
Wealth
stock of assets a person owns at a particular point in time e.g. house, shares, land, cars & savings - wealth inequality = the unequal distribution of these assets
2 of 8
equality
equal distribution of income - positive statement - degree of inequality can be measured
3 of 8
equity
fairness in the distribution of income - normative statement - is distribution of income fair involves a value judgement
4 of 8
Lorenz curve
visual indicator of income inequality in a given country
5 of 8
Gini coefficient
takes what LC shows us and gives a mathematical indicator
6 of 8
absolute poverty
household on an income below a threshold - can't access basic life sustaining goods/services - the world bank uses a measurement based on the number of people living on less than $1.25 per day (tend to be seen in developing)
7 of 8
relative poverty
household on income below a given avg. in society - in UK those below 60% of the median income (developing)
8 of 8

Other cards in this set

Card 2

Front

stock of assets a person owns at a particular point in time e.g. house, shares, land, cars & savings - wealth inequality = the unequal distribution of these assets

Back

Wealth

Card 3

Front

equal distribution of income - positive statement - degree of inequality can be measured

Back

Preview of the back of card 3

Card 4

Front

fairness in the distribution of income - normative statement - is distribution of income fair involves a value judgement

Back

Preview of the back of card 4

Card 5

Front

visual indicator of income inequality in a given country

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all poverty inequality resources »