Enhance Your Learning with Economics - Income Inequality Flash Cards for quick learning
The unequal distribution of income among individuals or households within an economy.
A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (maximum inequality).
The wealthiest 1% of individuals or households in terms of income or wealth.
The poorest 20% of individuals or households in terms of income or wealth.
The difference in earnings between different groups of workers, often based on gender, race, or education level.
The minimum level of income deemed necessary to achieve a basic standard of living.
A tax system in which the tax rate increases as income or wealth increases, aiming to reduce income inequality.
A tax system in which the tax rate decreases as income or wealth increases, potentially exacerbating income inequality.
The transfer of income or wealth from the rich to the poor through government policies or social programs.
The ability of individuals or households to move up or down the social and economic ladder over time.
A system in which individuals' success and social status are based on their abilities and achievements, rather than inherited wealth or social class.
The lowest wage rate that employers are legally required to pay workers, often set by government regulations.
Organizations formed by workers to protect their rights and negotiate better wages and working conditions with employers.
The disparity in educational attainment and opportunities between different groups, often contributing to income inequality.
The transfer of wealth, property, or assets from one generation to another, often perpetuating income inequality.
Government programs and policies designed to provide financial assistance and support to individuals and families in need.
The ability of individuals or households to improve their economic status and move up the income ladder over time.
The integration of individuals or groups into the formal economy, ensuring equal access to economic opportunities and resources.
The process of enabling individuals or communities to gain control over their economic resources and decision-making.
The rights of individuals or groups to participate in and benefit from the economic system, including access to basic needs and fair treatment.
Government actions and strategies aimed at influencing the economy, including fiscal and monetary policies.
A state in which individuals or households have equal access to economic resources and opportunities, regardless of their background or characteristics.
A condition in which the economy experiences steady growth, low inflation, and low unemployment rates, reducing income inequality.
Rewards or penalties that encourage individuals or businesses to take certain economic actions, influencing income distribution.
The efficiency with which resources are used to produce goods and services, affecting income levels and inequality.
The marginalization or exclusion of individuals or groups from the economic system, leading to income inequality and social disparities.
The optimal allocation of resources to maximize production and minimize waste, potentially reducing income disparities.