Inequitable distribution of income and wealth

Income

The amount of money received over a period of time in return for providing factors of production

E.g. wages, rent to land

Wealth

The value in money of assets held

E.g. property, land , shares , savings

Inequality

The difference in income and wealth between people

Factors influencing income inequality

Education level

Social status

Where you live

Type of employment

Inequity

Lack of fairness in which income and wealth are distributed in a society

Consequences of inequality

Different access to resources e.g. healthcare

Regional deprivation - unequal distribution of resources, services

Social division

Lack social mobility

Policies addressing equality

Progressive income tax

Higher inheritance tax

Provide educational background

Higher corporation taxes