3.4 Equality, equity and poverty

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Last updated 10:03 PM on 8/15/26
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4 Terms

1
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Equality ≠ equity

Equity = fairness (normative)

Equality = being the same (positive)

“more equitable” & “more equal” distribution of income usually means the same

2
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Economic inequality

  • the degree to which people in a population differ in their ability to satisfy their economic needs

    • Inequality in living conditions that arise due to monetary factors

      • Differences in income and wealth

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Unequal distribution of income

  • Arises from differences in how evenly income is distributed in a population

    • Includes: money people receive from their employment, interest from savings, holdings, dividends from shares (stocks), rents, pensions, government benefits

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Unequal distribution of wealth

  • Arises from differences in the amount of wealth people own

    • Includes: money/things of monetary value (savings, stocks, land, houses)