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Chapter# 20

by: Arshdeep kaur

Chapter# 20 ECO2012

Arshdeep kaur

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In this notes, you'll learn about Economic Inequality.
Principles of Macroeconomics
Prof. Greenlee
Class Notes
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This 2 page Class Notes was uploaded by Arshdeep kaur on Tuesday October 4, 2016. The Class Notes belongs to ECO2012 at St Petersburg College taught by Prof. Greenlee in Fall 2016. Since its upload, it has received 3 views.


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Date Created: 10/04/16
Chapter #20 MARKET INCOME­ Household wages, interest, profit and rent that is earned in factor market  before paying income tax. MONEY INCOME­ when market income plus cash payments to households by government. Money income= Market Income +cash payments. Quintiles­ when line divides into 5 equal sized groups each with 20%. Lorenz Curve­ A curve that graphs the cumulative percentage of income against the cumulative  percentage of households. *. How can you measure the economic inequality? 1. Wealth that’s what people own is also called Assets. 2. Income can be money and disposable. ECONOMIC MOBILITY­ shows when household move up and down the income ladder  through the income quintiles. *. A line that is at 45* angle is called LINE OF EQUALITY. POVERTY­ is the state in which household in unable to buy basic needs such as food, clothing,  and shelter. In other words, a household of four makes less than $23,000 is consider under  poverty.  DISPOSABLE INCOME­ Market income plus cash benefits paid by government minus taxes. DISPOSABLE INCOME= Market Income + cash benefits ­taxes.


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