________: when a person isn't earning as much, meaning they cant afford to buy assets.
New cards
2
Minimum wage
________: minimum amount of remuneration that an employer can legally pay a worker.
New cards
3
Transfer payments
________: governments use tax revenues to redistribute income and provide different types of assistance to groups in the economy to improve their living standards and opportunities.
New cards
4
Progressive income
________ tax structure which makes the distribution of income more equal will offset to some extent by the countrys indirect taxes.
New cards
5
lack of equity
Raising levels of inequality in income, wealth, and opportunity reflect a(n) ________.
New cards
6
Indirect taxes
________ care an important source of revenue for governments, and can be used to discourage the consumption of goods that create negative externalities.
New cards
7
Inequality
________ is inevitable since it influences productivity.
New cards
8
Equity
fairness in opportunities given to people despite their differences
New cards
9
Equality
disparities in incomes and wealth given to people
New cards
10
Inequality in outcomes
inequalities in income and wealth
New cards
11
Inequalities of opportunities
when a person isn't earning as much, meaning they cant afford to buy assets
New cards
12
PPP, purchasing power parity
means that it will buy approximately the same amount of goods and services in any country
New cards
13
Transfer payments
governments use tax revenues to redistribute income and provide different types of assistance to groups in the economy to improve their living standards and opportunities
New cards
14
Minimum wage
minimum amount of remuneration that an employer can legally pay a worker
New cards
15
**Equity**
fairness in opportunities given to people despite their differences
New cards
16
**Equality**
disparities in incomes and wealth given to people
New cards
17
**Inequality**
is not determined by the level of national income
New cards
18
Inequality in outcomes
inequalities in income and wealth
New cards
19
Inequalities of opportunities
when a person isn't earning as much, meaning they cant afford to buy assets
New cards
20
**PPP, purchasing power parity**
means that it will buy approximately the same amount of goods and services in any country
New cards
21
**Multidimensional Poverty Index (MPI)** \n
people who are in extreme poverty and lack the three dimensions: education, healthy, and standard of living
New cards
22
**Consequences of inequality and poverty**
Harms economic growth
Decreased quantity of living standards and social stability
New cards
23
**Minimum wage**
minimum amount of remuneration that an employer can legally pay a worker
New cards
24
**Progressive** income tax structure
makes the distribution of income more equal will offset to some extent by the country’s indirect taxes
Studied by 6 people
