3.4 Inequality and poverty

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Last updated 6:21 PM on 9/7/26
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8 Terms

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Equity

The concept where there is a fair resource distribution for the work that they did/what people deserve

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Diagram for Lorenz’s curve


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Gini coefficient:

A measurement of income/wealth inequality on an index from 0 (perfect equality/at line of equality) to 1 (perfect inequality)

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Absolute poverty

When a household earns an income that is below a level to even buy the basic necessities of life

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Relative poverty

When certain households in a nation earn an income that makes them poor relative to the richer households in a nation

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Causes of poverty

  1. Inequality of opportunity

  2. Discrimination


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Economic impacts/costs of poverty

  1. Low standards of living

  2. Lack of social stability


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Health costs of poverty

  1. Low life expectancy/poor health

  2. Children’s low educational performance

  3. Low level of trust/high crime