Economic policy objectives (OCR A-Level Economics): Flashcards

Flow of money from employment, investments, or benefits over time

Total value of assets owned minus liabilities

Lacking resources to meet basic needs; set income threshold

Income significantly lower than society's average income

0 to 1

Perfect equality (everyone has same income/wealth)

Perfect inequality (one person has all income/wealth)

Distribution of income or wealth within a society

Divides population into ten equal parts

Divides population into five equal parts

Progressive tax, welfare, min wage, education/training

45° line showing perfect equality (e.g., 20% earn 20%)

$\frac{A}{A + B}$