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10 Cards in this Set
- Front
- Back
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labor income
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payment to workers, including wages, salaries, and fringe benefits
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capital income
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rents, profits and intersts
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dependency needs
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teh need to have others provide one with care, shelter, food, etc., when one is unable to provide these for oneself
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social insurance programs
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programs designed to transfer income to recipients if and when certain events occur
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means-tested programs
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programs designed to transfer income to those most in need
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progressive income tax
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a tax which collects a larger share of the income from those most able to pay
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regressive income tax
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a tax which collects a larger share of income from poorer households
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Lorenz curve
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a line used to portray an income distribution, drawn on a graph with percentiles of households on the horizontal axis and the cumulative percentage of income on the vertical axis
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Gini ration
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a measure of inequality, based on the Lorenz curve, that goes from 0 up to 1
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capital gain
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an increase in the value of an asset over time
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