Poverty and Economic Equality Flashcards Preview

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Flashcards in Poverty and Economic Equality Deck (12):
1

Poverty are number of people who___

fall below certain level of income called poverty line.

2

Income inequality compares the share of total income___

in society that received by different groups.

3

Poverty rate___

% of population below poverty line.

4

Poverty trap___

The poor earn $, gov't reduce level of assistance it provides. Poor people have no net gain.

5

Temporary Assistance for Needy Families (TANF)-

provided cash to mothers w/ children who were below poverty line

6

Earned Income Tax Credit assists the working poor through___

tax system.

7

Quintiles-

Rank all households by income, then divide all households into 5 groups.

8

Lorenz Curve shows___

a share of population on horizontal axis; a percentage of total income on vertical axis.

9

Shift in wage___

More college grads in recent years than before. Shift demand curve to the right. Which increase in price for high skilled labor.

10

Wealth is a sum of___

all assets.

11

Progressive tax system designed so that___

rich people pay more for tax.

12

Estate tax___

limit how much wealth can be passed on as inheritance.