Fichas
Part 1.5: The distribution of income and wealth - poverty and inequality
Fichas del conjunto (15)
- 1Distribution of incomeHow income is divided between rich and poor, or between different groups in society.
- 2Distribution of wealthHow wealth is divided between rich and poor, or between different groups in society.
- 3IncomePersonal or household income is the flow of money a person or household receives in a particular time period.
- 4WealthPersonal wealth is the stock of everything which has value that a person or household owns at a particular point in time.
- 5EqualityMeans that everyone is treated exactly the same. A completely equal distribution of income means that everybody has the same income.
- 6EquityMeans that everybody is treated fairly.
- 7Lorenz curveA graph on which the cumulative percentage of total national income or wealth is plotted against the cumulative share of population. The extent to which the curve dips below the line of equality indicates the degree of inequality of distribution.
- 8Gini coefficientMeasures the extent to which the distribution of income or wealth among individuals or households within an economy deviates from a perfectly equal distribution.
- 9Progressive taxationA tax is progressive when, as income rises, a greater proportion of income is paid in taxation.
- 10PovertyThe state of being extremely poor and not having enough money or income to meet basic needs.
- 11Absolute povertyA condition characterised by severe deprivation of basic human needs. Depends on both income and access to services.
- 12Relative povertyOccurs when income is below a specified proportion of average income.
- 13Marginal tax ratesThe tax rate levied on the last pound of income received. The term can be applied solely to income taxes or to all the taxes a person or business pays.
- 14Means-tested benefitsThe ability to claim these benefits depends on a person's income or means.
- 15Universal benefitsBenefits claimable of right and not dependent on a person's income.
Información
- Descripción
- A2 Economics Fichas sobre Part 1.5: The distribution of income and wealth - poverty and inequality, creado por Alex Maas el 01/03/2017.
- Creado por
- Alex Maas · mar 2017
- Actualizado
- 4 mar 2017
- Visitas
- 15
- Valoración