Ch 22 - Economic inequality and poverty

________: when a person isn't earning as much, meaning they cant afford to buy assets.

________: minimum amount of remuneration that an employer can legally pay a worker.

________: 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.

________ tax structure which makes the distribution of income more equal will offset to some extent by the countrys indirect taxes.

Raising levels of inequality in income, wealth, and opportunity reflect a(n) ________.

________ care an important source of revenue for governments, and can be used to discourage the consumption of goods that create negative externalities.

________ is inevitable since it influences productivity.

fairness in opportunities given to people despite their differences

disparities in incomes and wealth given to people

inequalities in income and wealth

when a person isn't earning as much, meaning they cant afford to buy assets

means that it will buy approximately the same amount of goods and services in any country

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

minimum amount of remuneration that an employer can legally pay a worker

fairness in opportunities given to people despite their differences

disparities in incomes and wealth given to people

is not determined by the level of national income

inequalities in income and wealth

when a person isn't earning as much, meaning they cant afford to buy assets

means that it will buy approximately the same amount of goods and services in any country

people who are in extreme poverty and lack the three dimensions: education, healthy, and standard of living

• Harms economic growth

• Decreased quantity of living standards and social stability

minimum amount of remuneration that an employer can legally pay a worker

makes the distribution of income more equal will offset to some extent by the country’s indirect taxes