Economics Income Inequality Questions
The concept of economic mobility refers to the ability of individuals or households to move up or down the income ladder over time. It measures the extent to which individuals can improve their economic status, either by increasing their income or by moving to a higher socioeconomic class. Economic mobility is influenced by various factors such as education, skills, opportunities, social mobility, and economic policies. It is an important aspect to consider when analyzing income inequality as it reflects the level of economic opportunity and fairness within a society.