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3 Cards in this Set
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What's Income Inequality |
Layman's terms Income inequality is a wide gap between the money earned by the richest people in an economy when compared to the poorest. Income includes wages, investment earnings, rent, and sales of real estate.Economic Terms Income Inequality Definition In economics terms, income inequality is the large disparity in how income is distributed between individuals, groups, populations, social classes, or countries. |
Layman & Economic Terms |
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Determinants and Significance of Inequality |
It is a major part of how we understand socioeconomic statuses, being how we identify the upper class, middle class, and working class. It's impacted by many other forms of inequality, including wealth, political power, and social status. Income is a major factor in managing quality of life, as it serves as a means to access healthcare, education, housing, and so on. |
Access to quality of life |
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