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
Card 4
Front
fairness in the distribution of income - normative statement - is distribution of income fair involves a value judgement
Back
Card 5
Front
visual indicator of income inequality in a given country
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