Causes of Inequality and Poverty (Edexcel A-Level Economics A): Flashcards
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Practise the cards
10 cards from this deck
Income (economic definition)
Income (economic definition)
Flow of money received over each time period
Wealth (economic definition)
Wealth (economic definition)
Stock - total value of assets at a point in time
UK Gini coefficient: wealth vs income
UK Gini coefficient: wealth vs income
Wealth: 60%, Income: 36%
% of UK wealth owned by top 10% (2018-20)
% of UK wealth owned by top 10% (2018-20)
43%
Progressive tax
Progressive tax
Tax where marginal rate rises with income
Regressive tax
Regressive tax
Tax bearing more heavily on poorer members of society
UK gender wage gap (female vs male)
UK gender wage gap (female vs male)
Females earn 14.3% lower wages than males
Direct tax
Direct tax
Tax levied directly on income
Indirect tax
Indirect tax
Tax levied on expenditure
Kuznets hypothesis shape
Kuznets hypothesis shape
Inverted U-shaped: development vs inequality relationship