Socioeconomic Status and Inequality

These flashcards cover key terms and concepts related to socioeconomic status and inequality, focusing on definitions critical for understanding the topic.

Social Inequality

The unequal distribution of resources, political power, income, and wealth among different groups in society.

Median Income

The middle value of income in a population, separating the higher half from the lower half.

Income Quintiles

A statistical method of dividing a population into five equal parts based on income levels.

Wealth Inequality

The unequal accumulation and distribution of wealth among individuals or groups in a society.

Net Worth

The total assets owned by an individual or household after subtracting liabilities.

After Tax Net Worth

Net worth of an individual or household calculated after all taxes have been paid.

Household Income

The combined gross income of all people living in a single residence.

Poverty

The state of having insufficient financial resources to meet basic living expenses.

Distribution of Income

The way in which the total income of a society is divided among its members.

Trend Analysis

The practice of comparing data over time to identify consistent results or trends.